A land contract is sometimes known as

An option contract gives one party the right, but not the obligation, to buy or sell an asset at a specified price within a certain timeframe. It does not involve the installment payments or the gradual transfer of ownership characteristic of land contracts. Instead, it is a pre-agreement that allows the option holder to decide whether or not to proceed with the transaction.

An implied contract is formed by the actions or conduct of the parties involved, rather than through explicit written or spoken words. While a land contract may have elements that are implied, it is fundamentally a written agreement detailing specific terms for the sale of property, which distinguishes it from an implied contract.

An express contract is clearly articulated, either verbally or in writing, and outlines the specific terms and conditions agreed upon by the parties. Although a land contract is indeed an express contract, the terminology specifically connecting it to an installment payment structure makes "installment contract" the more accurate answer in this context.