See Land Contract. Consideration - Anything of value given to induce another party to enter into a contract.
A transaction that is recognized by law as providing the seller (or contract holder) with full proprietary rights in the underlying asset until the buyer (debtor) has satisfied all the terms and conditions of the contract, at which time title to the asset passes automatically from the seller to the buyer.
An agreement for the purchase of an asset in which the lessee is treated as the owner of the asset for federal income tax purposes. This entitles the lessee to the tax benefits of ownership, such as depreciation , but the lessee does not become the free and clear owner of the asset until all terms and conditions of the agreement have been satisfied.