Practice Quiz

Paralegal Exam Prep

Category - Contracts

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Adam signed a 6-month agreement to work as a trainer for Allen. Allen agreed to pay Adam $575 per week. Payments would be made every 2 weeks. What type of contract does Adam have with Allen?
  1. A gentleman's agreement
  2. A short-term agreement
  3. An installment contract
  4. A payroll contract
  5. None of the above
Explanation
Answer: C. The type of contract that Adam has with Allen is an installment contract. An installment contract is an agreement in which payments, deliveries or goods, or performance of services are made in a series of payments, deliveries, or performances. Failure to deliver an installment when due is a breach for that particular installment.
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