Alabama Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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How to fill out Alabama Checklist Of Matters To Be Considered In Drafting An Accord And Satisfaction Agreement?
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FAQ
Hear this out loud PauseThe doctrine of and satisfaction is merely a method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement, the being the agreement and the satisfaction its execution or performance, and it is a new contract substituted for an old ...
Hear this out loud PauseA harmonious agreement, especially between countries. An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties involved can propose an . If the newly substituted obligation is performed, the performance is called a satisfaction.
Hear this out loud PauseUnder most state law, a valid 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.
Thelma owes Louise $100,000 under a contract. Thelma owns a beach house which she promises to give Louise in settlement of the debt and Louise promises to accept the house in settlement of the debt instead of the $100,000. This new agreement is an .
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.
Hear this out loud PauseFor example, if one party promises to settle a debt to another party with real estate instead of cash as originally agreed to in the contract, this would be considered an . The is satisfied once the promised real estate has been transferred.
