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Agreement for Accord and Satisfaction with Amount of Claim...

Kansas Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Kansas Agreement for Accord and Satisfaction with Amount of Claim Undetermined
Brand: US Legal Forms
Rating: 4.61 (314 reviews)

Category:

Contracts - Accords and Satisfaction

State:

Multi-State

Control #:

US-0142BG

Format:

Instant download

Description

The parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged (deemed satisfied). An example would be settlement of a lawsuit for breach of contract. The parties might settle for less than the amount called for under the contract. This agreement shows a situation where the total amount of the claim cannot be determined because of the insufficiency or inadequacy of the records of both parties.

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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.

If the obligation or service that was agreed upon in the accord is rendered, then the agreement is considered satisfied. In the case previously mentioned, if Bob does, in fact, give Sally the vehicle in place of the $600 he owed her, he has satisfied the accord.

Under most state law, a valid accord and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.

An accord and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. Accord and satisfaction is also used to settle legal claims prior to bringing them to court.

Which of the following is true regarding an accord and satisfaction? When amounts agreed upon are paid, the debt is fully discharged. Which of the following is true under the UCC regarding checks marked "paid-in-full"?

554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party

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.

The satisfaction is the execution or acceptance of this agreement, and once satisfaction occurs, the previous contract is extinguished. Accord and satisfaction is an affirmative defense to a breach of contract claim, requiring the asserting party to plead and prove the defense.

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Options for people who have a health condition Read More Frequently Asked Questions Q: My company is selling a claim? A: No, this is against the rules of the insurance company. Q: How will I know what a Claim amount can mean in practice? A: This will be the most common question I come across. The answer is that each company defines what a Claim amount means, and will usually be the same. Q: Why should I be concerned if I am being sued? A: There are a lot of factors that affect a lawsuit, one of which is what the company can do. If the company chooses to defend you without you doing anything, it shows that they either don't believe in your claim or don't think it is important enough. Q: How can I avoid litigation? A: Try a settlement or arbitration. While companies are very cautious of suing companies, they are very lenient toward arbitration, if you ask nicely. If you can't work out a settlement, you can always take your case to court.

Kansas Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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