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

Kentucky Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Kentucky 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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How to fill out Kentucky Agreement For Accord And Satisfaction With Amount Of Claim Undetermined?

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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.

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 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.

The obligation may arise in various ways, but it is most commonly the result of a commercial transaction or contract between the parties. In law, in order that payment may extinguish the obligation, it is necessary that it be made at a proper time and place, in a proper manner, and by and to a proper person.

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.

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 definition of accord is to come to a compromise or agreement. An example of coming to an accord is the signing of a peace treaty between two countries. Accord means by choice. An example of the usage of this colloquialism is: No one asked me to do so, but I cleaned the entire house on my own accord.

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Read More NEXT DEFINITATIONCede Ceding A Claim is defined as any claim which arises from an accident, illness, injury or other injury or health condition Read More NEXT DEFINITION Claim Handling A Claim is defined as any dispute or claim about any insured Read More Next Definitive The terms “Love” and “Loving” in this case generally refer to romantic attraction or other personal connection between two people. The word Claim can also mean a “claim” or “sue” Read More NEXT Definitive Claim Type A Claim Type is used when considering insurance claims under various circumstances. A Claim Type is typically defined by the type of insurance claim it relates to or its duration. An Insurance Claim is a general definition of an insurance claim related to an injury to, or health condition of, an individual. The word Claim in the definition refers to the particular claim made under which the insurance claim is made.

Kentucky Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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