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

Tarrant Texas Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement

Name: Tarrant Texas Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
Brand: US Legal Forms
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Employment - Releases

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Multi-State

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Tarrant

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US-1340873BG

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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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Definition. An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

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.

Accord and Satisfaction Elements: There is a duty arising either from a tort or from a contract that is partially executed; that is, it has been performed by one of the parties.The parties enter into a contract that discharges the duty of the debtor. The debtor agrees to give the creditor some performance (or promise).

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

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.

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.

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.

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.

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The new agreement is called the accord, and the discharge is called the satisfaction. Cf. COMPROMISE; NOVATION; SETTLEMENT(2), (3).Form for Agreed Judgment on Garnishment Action . The End of the Contract Period, in the Best Interest of the District Pursuant to Chapter 21 of the Texas Education Code. (3) Consider Authorizing Negotiation of Professional Services. When contract lawyers complete a contract review, the goal is to ensure that their clients benefit from the terms of the legal contract.

Tarrant Texas Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement

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