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

Alameda California Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Alameda California 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

County:

Alameda

Control #:

US-0142BG

Format:

Instant download

Description

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

Usually, accord and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement.

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 common way that accord and satisfaction is used is to satisfy a debt that a debtor cannot afford with a smaller payment. Sometimes a creditor will agree to accept a percentage of a debt in order to have the original contract fulfilled and the dispute handled.

The accord is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms according to the agreement. When there is an accord and satisfaction, and the performance (or satisfaction) has been executed, all prior claims relating to the matter are extinguished.

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.

Breach of an accord agreement works similarly to a breach of contract in that there is no satisfaction of the terms, and the injured party can take legal action against the offending party. The offended party could sue based on the original contract or under the new accord agreement.

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

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Oakland, County of Alameda, State of California. Of addressing the county's landfill needs in a comprehensive way.The doctrine of accord and satisfaction is a common legal theory. Name and identification number as described in the Notice Inviting Bids. Supplement have the meanings set forth in the Official Statement. Contract of Employment. ALAMEDA MHP FINAL REPORT. 13.7 Release of Claims Against Landlord . Contract Documents to City's satisfaction within the prescribed time.

Alameda California Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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How is a disputed amount settled by accord and satisfaction?

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When an accord and satisfaction is at issue?

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What must be in dispute for an accord and satisfaction?

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