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 Salt Lake Utah Agreement for Accord and Satisfaction of a Disputed Claim for Negligence is a legal document that outlines the terms and conditions for resolving a dispute involving personal and property damages caused by negligence. This agreement allows both parties involved in the dispute to come to a mutual understanding and settle the matter outside of court. Keywords: Salt Lake Utah Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence.The Salt Lake Utah Agreement for Accord and Satisfaction of a Disputed Claim for Negligence is a legal document that outlines the terms and conditions for resolving a dispute involving personal and property damages caused by negligence. This agreement allows both parties involved in the dispute to come to a mutual understanding and settle the matter outside of court. Keywords: Salt Lake Utah Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence.