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Agreement for Accord and Satisfaction of a Disputed Claim (i.e....

Virgin Islands Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence

Name: Virgin Islands Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence
Brand: US Legal Forms
Rating: 4.78 (211 reviews)

Category:

Civil Procedure - Accord and Satisfaction

State:

Multi-State

Control #:

US-00437BG

Format:

Instant download

Description

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.

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FAQ

An and satisfaction occurs when the parties involved in a dispute reach a new agreement to resolve the dispute. This agreement may involve a compromise, such as a payment of less than the full amount owed or a release of certain claims.

And satisfaction refers to the agreement () between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement.

Under most state law, a valid 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 three requirements of consideration are: (1) each party must give an act, forbearance, or promise to the other; (2) each party must trade what he or she contributes to the transaction for the other party's contribution; and (3) what is traded must have value in the eyes of the law.

The is the new agreement between the parties, and the satisfaction is the performance of the obligations under the agreement. An and satisfaction typically involves the payment of money or other consideration in exchange for the resolution of the dispute.

If the lender agrees to reduce the closing costs by an extra $1000 and the borrowers agree, then there has been an and satisfaction.

? and Satisfaction You may use this defense if you and the plaintiff agreed to settle the claim for a lower amount than the lawsuit is asking for and you have paid the lower amount.

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Virgin Islands Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence

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