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 Tennessee Agreement for Accord and Satisfaction of a Disputed Claim for Negligence is a legal document that outlines the terms and conditions for settling a disputed claim related to personal and property damages caused by negligence. This agreement serves as a binding contract between the parties involved, allowing them to resolve the dispute without resorting to litigation. Negligence is a legal term used to describe a failure to exercise reasonable care, resulting in harm or damage to another person or their property. In Tennessee, when such negligence leads to a dispute between the parties involved, an Agreement for Accord and Satisfaction can be pursued as an alternative to pursuing a lawsuit. Keywords: Tennessee, Agreement for Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence. There may be different types or variations of the Tennessee Agreement for Accord and Satisfaction of a Disputed Claim for Negligence, depending on the specific circumstances and parties involved. Some possible variations could include: 1. Personal Injury Agreement for Accord and Satisfaction: This type of agreement focuses on resolving disputes related specifically to personal injuries caused by negligence. It may involve compensation for medical expenses, pain and suffering, lost wages, and other related damages. 2. Property Damage Agreement for Accord and Satisfaction: This variation centers around disputes related to damage caused to physical property due to negligence. It may address issues such as repair costs, replacement value, or loss of use of the property. 3. Comprehensive Agreement for Accord and Satisfaction: This type of agreement covers both personal and property damages resulting from negligence. It aims to provide a comprehensive resolution to all aspects of the dispute, ensuring that all parties are adequately compensated for their losses. It is important to note that each Agreement for Accord and Satisfaction for Negligence may have unique terms and conditions based on the specific circumstances of the dispute. Furthermore, it is advisable to consult with a legal professional to ensure that the agreement accurately reflects the parties' intentions and protects their respective rights and interests.
