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Receipt for Payment Discharging Undisputed Claim in Full with...

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Name: Receipt for Payment Discharging Undisputed Claim in Full with Acceptance by Creditor of Amount Less Than Claim
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (438 reviews)

Category:

Contracts - Accords and Satisfaction

State:

Multi-State

Control #:

US-1105BG

Format:

Instant download

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How to fill out Receipt For Payment Discharging Undisputed Claim In Full With Acceptance By Creditor Of Amount Less Than Claim?

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FAQ

Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.

An accord and satisfaction is a substitute contract for settlement of a debt by some alternative other than full payment. The consideration for an accord is often the resolution of a disputed claim.

If a debtor makes a written or verbal statement saying that they are making payment to you in full and final settlement of the debt, or words to that effect, and that payment is less than the debt owed, care needs to be taken as you could inadvertently lose your legal right to pursue the balance of the debt.

The agreement by which the original obligation is discharged is the accord, and the discharge of the substituted obligation is the satisfaction. A contract can be discharged by the same process which created it, that is, by mutual agreement.

No. The creditor can argue that, even if it agreed to settle the claim, the agreement is not binding. However, the creditor may be estopped from claiming the balance.

Accord and satisfaction- the agreement under which one of the parties undertakes to give or perform, and the other to accept, in satisfaction, the amount of the debt must be in dispute.covenant not to sue- the parties substitute a contractual obligation for some other type of legal action based on a valid claim.

To apply an accord and satisfaction concept, there must be a genuine conflict that is settled by an engagement of parties with the intention to compromise. Under this procedure, both debtor and creditor are agreed to exchange something in settlement of the claim.

By contrast, a payment "in full and final settlement" can usually be interpreted as an offer to settle a dispute on terms that, in exchange for the sum tendered, the creditor will give up the rest of its claim.

Something bargained for and received by a promisor from a promisee. Common types of consideration include real or personal property, a return promise, some act, or a forbearance. Consideration or a valid substitute is required to have a contract.

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What is accord and satisfaction in contract terms?

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