What is an accord quizlet?

An accord is a contract in which a creditor agrees with the debtor to accept performance of something less than payment of the full amount of the debt in return for the creditor's agreement to discharge the debt. Since an accord is a contract, it requires offer, acceptance, and consideration. You just studied 7 terms!

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Checklist of Matters to be Considered in Drafting an Accord and...

Alameda California Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement

Name: Alameda California Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
Brand: US Legal Forms
Rating: 4.8 (201 reviews)

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Employment - Releases

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Multi-State

County:

Alameda

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US-1340873BG

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Description

An accord and satisfaction is a method of discharging a contract, or settling a cause of action arising either from a contract or a civil wrong, by substituting for the contract or cause of action an agreement for its satisfaction and the performance of the substituted agreement.

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FAQ

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.

The definition of accord is to come to a compromise or agreement. An example of coming to an accord is the signing of a peace treaty between two countries. Accord means by choice. An example of the usage of this colloquialism is: No one asked me to do so, but I cleaned the entire house on my own accord.

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.

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.

Offer and Acceptance A contract needs to have a valid, understandable, and specific offer, and there must be acceptance of the offer. Both the offer and acceptance of offer must be brief but clear enough so there will be no room for error. Acceptance can be oral, written, or by way of conduct.

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.

An accord is a contract in which a creditor agrees with the debtor to accept performance of something less than payment of the full amount of the debt in return for the creditor's agreement to discharge the debt. Since an accord is a contract, it requires offer, acceptance, and consideration. You just studied 7 terms!

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Alameda California Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement

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