A contract in which the obligation of one or more of the parties-such as an obligation to pay money, deliver goods, or render services-is divided into a series of successive performances.
The contact is one and entire in its origin and simply looks to a series of performances for the fulfillment of its terms. The fact that performance is not rendered all at once does not mean there is more than one contract between the parties, and it is not necessarily a divisible contract. The Uniform Commercial Code takes a broad approach to the term, including any contract that requires or authorizes the delivery of goods in separate lots to be separately accepted; even though the contract contains a clause, each delivery is a separate contract or its equivalent. U.C.C. §2-612. See also retail installment contract.
