What is an instrument tendered as full satisfaction of a debt?

UCC Section 3-311 entitled Accord & Satisfaction by Use of Instrument states that a debt is discharged if a debtor gives a check to a creditor "in good faith," the amount of the debt is "unliquidated or subject to a bona fide dispute" and the markings on the check or transmittal letter contain a "conspicuous statement"

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Notice Accompanying Check Tendered in Settlement of Disputed Claim

Dallas Texas Notice Accompanying Check Tendered in Settlement of Disputed Claim

Name: Dallas Texas Notice Accompanying Check Tendered in Settlement of Disputed Claim
Brand: US Legal Forms
Rating: 4.82 (201 reviews)

Category:

Letters - Notices - Settlements

State:

Multi-State

County:

Dallas

Control #:

US-00726BG

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Instant download

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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.

Where a claim is disputed, and where the creditor fails to reject a check for a lesser amount remitted to the creditor by the debtor on the clear condition that it be accepted in full satisfaction, the acceptance on the part of the creditor amounts to an accord and satisfaction of the creditor's larger claim. No particular language is required to be used by a debtor in making a tender of a check in full settlement of a claim against the debtor, so long as the tender clearly indicates that acceptance by the creditor of the amount offered must be in full satisfaction of the claim.

The following form is a sample of a notice accompanying a check tendered in settlement of a claim that is in dispute.

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How to fill out Dallas Texas Notice Accompanying Check Tendered In Settlement Of Disputed Claim?

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Contract disputes occur when one or both parties to an agreement disagree about the terms and conditions. A contract is only valid when both parties fully understand the agreement and are willing to accept its terms. If the agreement is not mutual, it may be challenged in court.

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.

A settlement agreement is a legal contract that resolves the disputes among all parties by coming to an agreement. It is a legal document where all parties in a court case, in civil law, agree to an outcome of any judgment being made in advance.

Clear and conspicuous statement means the statement is of sufficient type size to be clearly readable by the recipient of the communication.

6 Ways to Settle A Contract Agreement Dispute QuicklyReview the Contract Terms Carefully.Try to Negotiate A Settlement.Consider Contacting State and Local Agencies.Mediation.Arbitration.Litigation.

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.

UCC Section 3-311 entitled Accord & Satisfaction by Use of Instrument states that a debt is discharged if a debtor gives a check to a creditor "in good faith," the amount of the debt is "unliquidated or subject to a bona fide dispute" and the markings on the check or transmittal letter contain a "conspicuous statement"

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

An accord and satisfaction discharges an existing debt. In all substituted contracts there must be an agreement among three parties where a new promise is substituted for an existing promise or a new promisor is substituted for an existing promisor.

An accord is an agreement where one of the parties agrees to accept something different from the amount believed owed in order to settle a disputed claim. The satisfaction is the execution or acceptance of this agreement, and once satisfaction occurs, the previous contract is extinguished.

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Dallas Texas Notice Accompanying Check Tendered in Settlement of Disputed Claim

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FAQ

What is a dispute contract?

How is a dispute settled by accord and satisfaction?

What contract settles disputed claims?

What is a conspicuous statement?

How do you settle a contract dispute?

What is an accord and satisfaction What is a release?

What is an instrument tendered as full satisfaction of a debt?

What are the three elements of accord and satisfaction?

Does an accord and satisfaction discharges an existing debt?

How is a disputed amount settled by accord and satisfaction?

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What is a Dallas Notice Accompanying Check Tendered in Settlement of Disputed Claim?

Why do I need to include a Notice with the check?

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Can I simply send the check without a Notice?

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