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 Harris Texas Agreement for Accord and Satisfaction of a Disputed Claim serves as a legally binding resolution for disputes related to personal and property damages caused by negligence. This document outlines the terms and conditions under which the parties involved agree to settle the claim and release each other from any further liability. In Harris County, Texas, there are various types of agreements for Accord and Satisfaction of Disputed Claim for Negligence. Some of these include: 1. Personal Injury Damages Agreement: This specific agreement addresses cases where an individual has suffered bodily harm or emotional distress due to the negligent actions of another party. The document specifies the amount of compensation agreed upon to cover medical expenses, pain and suffering, loss of wages, and any other relevant damages. 2. Property Damage Agreement: This type of agreement focuses on resolving disputes arising from negligent acts that result in damage to personal or real property. It outlines the extent of the damage, the estimated cost of repair or replacement, and the agreed-upon compensation to rectify the losses incurred. 3. Vehicle Accident Damages Agreement: This agreement pertains to cases where negligence leads to automobile accidents, resulting in personal injuries, property damages, or both. It contains provisions for resolving claims related to medical expenses, vehicle repair costs, rental fees, and any other costs directly associated with the incident. Keywords: Harris Texas, Agreement for Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence, Personal Injury Damages, Property Damage, Vehicle Accident Damages, Bodily Harm, Emotional Distress, Medical Expenses, Loss of Wages, Real Property, Compensation, Repair, Replacement, Automobile Accidents, Injury, Rental Fees.
