What is an accord and satisfaction quizlet?

The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

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

Virginia Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Virginia 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

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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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FAQ

Which of the following is true regarding an accord and satisfaction? When amounts agreed upon are paid, the debt is fully discharged. Which of the following is true under the UCC regarding checks marked "paid-in-full"?

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.

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.

The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

The satisfaction is the execution or acceptance of this agreement, and once satisfaction occurs, the previous contract is extinguished. Accord and satisfaction is an affirmative defense to a breach of contract claim, requiring the asserting party to plead and prove the defense.

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 is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

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

The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

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This form was developed for use in cases where a plaintiff wants to file a civil claim for a judgment for money in the small claims division of the general ...337 pages This form was developed for use in cases where a plaintiff wants to file a civil claim for a judgment for money in the small claims division of the general ... 012319, Fairfax County, VA 2002), the contractor (?Gelles?) had performed brick laying work, and the its customer (?JSI?) took issue with the amount and quality ...On its face, the purpose1 of Virginia Code section 8.01-35.1 is a simple one: to allow a plaintiff to compromise her claim through a release or covenant not ...10 pages On its face, the purpose1 of Virginia Code section 8.01-35.1 is a simple one: to allow a plaintiff to compromise her claim through a release or covenant not ... With this decision the law of accord and satisfaction is severely limited -in Virginia, for what debtor will now dare to compromise his claim when by mere words ... Without fully research and unknown claims which were done but merely a satisfaction is and accord binding? Here is how the matter plays out: Assume a ... To write a small volume coverfag^th^ threa cognate subjects thatvA R. Hunt.Definition?Distinguished from payment,accord and satisfaction. "Plaintiff" means, for purposes of determining a right to recover under this chapter, any person asserting a claim. §55-7-13c. Liability to be several; amount ... complete accord and satisfaction of all claims arising from the same setsummary judgment on Merchant's breach-of-contract counterclaim, ... In the other type of case the stranger attempts to contract with the obligee for the discharge of the obligor. The stranger provides some consideration ... When in doubt, file proof of claim. (2) Exceptions to filing requirement. (a) Lack of knowledge. (i) Of bankruptcy case. See In re ...

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Virginia Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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