A contract is usually discharged by performance of the terms of the agreement. However, 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.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
A Michigan Debt Settlement Agreement is a legally binding agreement between a debtor and creditor that outlines the terms and conditions for resolving a debt. It allows a debtor to negotiate with their creditor to reduce the total amount owed and establish a repayment plan that is more manageable for them. Keywords: Michigan, Debt Settlement Agreement, debtor, creditor, legally binding, terms and conditions, debt resolution, negotiation, reduce, repayment plan, manageable. Different types of Michigan Debt Settlement Agreements: 1. Credit Card Debt Settlement Agreement: This type of agreement is specifically tailored to resolve credit card debts in Michigan. 2. Medical Debt Settlement Agreement: It focuses on negotiating and settling medical debts incurred by individuals in Michigan. 3. Personal Loan Debt Settlement Agreement: This agreement is designed to address personal loan debts in Michigan, such as car loans or student loans. 4. Business Debt Settlement Agreement: It pertains to settling business-related debts in Michigan, allowing businesses to regain financial stability. 5. Mortgage Debt Settlement Agreement: This type of agreement focuses on resolving outstanding mortgage debts for homeowners in Michigan. Keywords: Credit Card Debt, Medical Debt, Personal Loan Debt, Business Debt, Mortgage Debt, settlement agreement, credit card debts, medical debts, personal loan debts, business-related debts, mortgage debts.
