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

Queens New York Agreement for Accord and Satisfaction with Amount of Claim Undetermined

Name: Queens New York 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:

Queens

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.

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 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.

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.

Under Texas common law, the affirmative defense of accord and satisfaction is based on an express or. implied contract under which the parties agree to discharge an existing obligation by means of a lesser. payment that is tendered and accepted.

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.

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.

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Brennan J. in the same case said at p. ARBITRALES. General Claims Commission (Agreement of Sept.8, 1923)(United Mexican. The Queen, 1898 CanLII 74 (SCC), 28 SCR 273 on CanLII. Queen in Right of the Province of British Columbia, the Attorney General of. Canada, and British Columbia Hydro and Power Authority, filed in the BC. Of all Act passed in the Sixth Year of the Reign of King George the t 6.1. c. t.

Queens New York Agreement for Accord and Satisfaction with Amount of Claim Undetermined

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