There is one variety of contract which for convenience may be called the "pass-book contract," in which the contract is printed on the first pages of a book similar to a bank pass-book, the description being inserted with a pen, and the agreement duly executed. Following this agreement there are blank pages on which to enter each payment as it is made by the purchaser. This form of book is generally used in handling comparatively small subdivisions, where the general description may be printed in, the only variation being the number of the lot or block covered by each contract.
It is possible that this form of agreement was devised by a banker who had been accustomed to handle savings bank accounts. Theoretically, it has many advantages, for it provides for a complete record of all payments made. In practice, however, it has many disadvantages, for these books are frequently lost, and, still more frequently, the purchasers make payment of an instalment without the book. In many instances the purchasers of some one tract are scattered over the entire United States, and even over the world, and it is then impracticable, of course, to present the book when each payment is made. The value of the book depends upon its containing each and every payment, and confusion is caused by any omissions.
Another method somewhat similar to the pass-book plan is to draw a lease or agreement in some standard form and make provision on the back thereof for entering payments made by the purchaser, but the objections mentioned above apply equally to this form.