Question 21 of 40. An installment contract is best described as "A contract under which: The buyer makes a series of equal, periodic payments to the seller." Property is sold at a gain and the seller receives at least one payment after the tax year of sale." The buyer makes payments and then receives the item purchased after making the final payment." The seller and buyer agree that no down payment will be made, and that payments will be made over a certain period of time. Mark for follow up