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

Collin Texas Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Collin Texas 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:

Collin

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

Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

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.

Under most state law, a valid accord 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.

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.

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

Key Takeaways. An accord and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. 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.

Accord and satisfaction deals with a debtors offer of payment and a creditors acceptance. of a lesser amount than the creditor originally purported to be owed. It is a method of discharging a claim by settlement of the claim and performing the agreement.

Legal Requirements for Accord and Satisfaction Agreements The claimant must in good faith be given something to fully satisfy his claim. The exact amount of the claim must be unsettled or must be subject to a dispute. The claimant should have received the payment.

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.

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Latest in a series of shareholder challenges to an agreement between the FHFA, as conservator to Fannie and Freddie, and the Treasury Department. Under. Not interested in the result of the cause to be submitted for his decision.Agreement to. ART. 44. Latest in a series of shareholder challenges to an agreement between the FHFA, as conservator to Fannie and Freddie, and the Treasury Department. Under. Not interested in the result of the cause to be submitted for his decision. Agreement to. ART. 44.

Collin Texas Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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