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Agreement for Accord and Satisfaction of Obligation under Stock...

Santa Clara California Agreement for Accord and Satisfaction of Obligation under Stock Purchase Agreement

Name: Santa Clara California Agreement for Accord and Satisfaction of Obligation under Stock Purchase Agreement
Brand: US Legal Forms
Rating: 4.7 (434 reviews)

Category:

Corporations - Public - Stocks

State:

Multi-State

County:

Santa Clara

Control #:

US-1340734BG

Format:

Instant download

Description

A stock purchase agreement is an agreement that two parties sign when shares of a company are being bought or sold.

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How to fill out Santa Clara California Agreement For Accord And Satisfaction Of Obligation Under Stock Purchase Agreement?

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FAQ

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.

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.

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

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.

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.

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.

What is an Accord and Satisfaction? An accord and satisfaction is a legal agreement between two parties to a contract that intends to discharge the original claim by settling for new contract terms and/or a payment amount that typically differs from the payment amount specified in the original contract or claim.

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.

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.

More info

Loan Agreement - Salon. What is an Accord and Satisfaction of a Contract Obligation?U.S., 80 Ct.Cl. 81 (1934). Assets defined as such in the cogeneration Purchase. Agreement. Seller shall notify Buyer of such price increase in writing. Santa Clara Valley Medical Center (SCVMC) Emergency Department Expansion. EXCLUSIVE REPRESENTATIVES REGARDING CONTRACT GRIEVANCES. Construction Contract .

Santa Clara California Agreement for Accord and Satisfaction of Obligation under Stock Purchase Agreement

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