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.
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 if the amount is in dispute. An accord and satisfaction is also a method of settling a cause of action arising either from a civil wrong (tort), by substituting for the cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.
The Minnesota Agreement for Accord and Satisfaction of a Disputed Claim for Negligence is a legal document that serves as a resolution mechanism when parties involved in a negligence-related incident wish to amicably settle their dispute. This agreement outlines the terms and conditions under which the claim will be resolved, specifically addressing personal and property damages resulting from the negligent act. Keywords: Minnesota Agreement for Accord and Satisfaction, disputed claim, negligence, personal damages, property damages, resolution, settlement. There are no different types of Minnesota Agreement for Accord and Satisfaction specifically tailored for negligence cases. However, it is important to note that each agreement is unique and can vary depending on the specific circumstances of the claim being settled. The terms and conditions outlined in the agreement will differ based on factors such as the extent of personal and property damages, the parties involved, and the negotiation process.The Minnesota Agreement for Accord and Satisfaction of a Disputed Claim for Negligence is a legal document that serves as a resolution mechanism when parties involved in a negligence-related incident wish to amicably settle their dispute. This agreement outlines the terms and conditions under which the claim will be resolved, specifically addressing personal and property damages resulting from the negligent act. Keywords: Minnesota Agreement for Accord and Satisfaction, disputed claim, negligence, personal damages, property damages, resolution, settlement. There are no different types of Minnesota Agreement for Accord and Satisfaction specifically tailored for negligence cases. However, it is important to note that each agreement is unique and can vary depending on the specific circumstances of the claim being settled. The terms and conditions outlined in the agreement will differ based on factors such as the extent of personal and property damages, the parties involved, and the negotiation process.
