A terms contract for the sale of land under which the buyer pays instalments of price and interest is a 'credit contract' under the Consumer Credit Code because the buyer's obligation to pay instalments constitutes the incurring of deferred debt within s 4(1)(b). The buyer's assumption of the seller's mortgage obligations under 'mortgage wrapping' arrangements also independently constitutes the incurring of deferred debt. The presumption in s 11(1) of the Code operates only at the stage of determining whether a credit contract is one to which the Code applies, not at the anterior stage of determining whether a contract is a credit contract.
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