A recently developed method for incorporating initial binary correlations into the Kadanoff-Baym equations (KBE) is used to derive a generalized T-matrix approximation for the self-energies. It is shown that the T-matrix obtains additional contributions arising from initial correlations. Using these results and taking the time-diagonal limit of the KBE, a generalized quantum kinetic equation in binary collision approximation is derived. This equation is a far-reaching generalization of Boltzmann-type kinetic equations: it selfconsistently includes memory effects (retardation, off-shell T-matrices) as well as many-particle effects (damping, in-medium T-Matrices) and spin-statistics effects (Pauli-blocking).