Agreement Claim Purchase
Description Agreement Satisfaction Of
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Satisfaction Undisputed Pdf FAQ
The agreement by which the original obligation is discharged is the accord, and the discharge of the substituted obligation is the satisfaction. A contract can be discharged by the same process which created it, that is, by mutual agreement.
An accord is a contract in which a creditor agrees with the debtor to accept performance of something less than payment of the full amount of the debt in return for the creditor's agreement to discharge the debt. Since an accord is a contract, it requires offer, acceptance, and consideration. You just studied 7 terms!
An accord and satisfaction is distinguishable from release. A release is a relinquishment of a right, which may be given gratuitously or for inadequate consideration, while an accord and satisfaction is the discharge of a debt or claim by the acceptance of some payment which is agreed to constitute full satisfaction.
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.
To apply an accord and satisfaction concept, there must be a genuine conflict that is settled by an engagement of parties with the intention to compromise. Under this procedure, both debtor and creditor are agreed to exchange something in settlement of the claim.
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.
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.
Accord and satisfaction- the agreement under which one of the parties undertakes to give or perform, and the other to accept, in satisfaction, the amount of the debt must be in dispute.covenant not to sue- the parties substitute a contractual obligation for some other type of legal action based on a valid claim.