Does accord and satisfaction require consideration?

The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

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Agreement for Accord and Satisfaction of an Undisputed...

Broward Florida Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment

Name: Broward Florida Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment
Brand: US Legal Forms
Rating: 4.72 (254 reviews)

Category:

Contracts - Accords and Satisfaction

State:

Multi-State

County:

Broward

Control #:

US-13138BG

Format:

Instant download

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An accord & Satisfaction is a method of discharging a contract, or settiling a cause of action arising either from a contract or a civil wrong.

Ohio Satisfaction, Cancellation or Release...

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How to fill out Broward Florida Agreement For Accord And Satisfaction Of An Undisputed Claim--Different Method Of Payment?

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FAQ

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

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.

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.

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.

The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

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.

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.

Broward Florida Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment

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What are the three elements of accord and satisfaction?

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Does accord and satisfaction require consideration?

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