A contract is usually discharged by performance of the terms of the agreement. However, the parties may agree to a different performance. This is called an accord. When the accord is performed, this is called an accord and satisfaction. The original obligation is discharged.
In order for there to be an accord and satisfaction, there must be
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) the performance of the agreement.
An example would be settlement of a lawsuit for breach of contract. The parties might settle for less than the amount called for under the contract if the amount is in dispute. An accord and satisfaction is also a method of settling a cause of action arising either from a civil wrong (tort), by substituting for the cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.
Arkansas Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence is a legal document that outlines the resolution of a dispute arising from personal and property damages caused due to negligence. This agreement is specific to the state of Arkansas and aims to settle the matter between the parties involved, avoiding the need for further litigation. Keywords: Arkansas, Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence. There may be different types of Arkansas Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence depending on the specific circumstances of the claim. Some common variations of this agreement could include: 1. Arkansas Agreement for Accord and Satisfaction of a Disputed Claim for Personal Damages for Negligence: This version of the agreement focuses solely on resolving claims related to personal injuries caused by negligence. It outlines the terms of the settlement and details the compensation package agreed upon by both parties. 2. Arkansas Agreement for Accord and Satisfaction of a Disputed Claim for Property Damages for Negligence: This type of agreement is specific to resolving disputes regarding property damages caused by negligence. It clarifies the responsibilities of each party involved and establishes a fair settlement for the damages incurred. 3. Arkansas Agreement for Accord and Satisfaction of a Disputed Claim for Personal and Property Damages for Negligence: This comprehensive agreement covers both personal and property damages resulting from negligence. It encompasses all aspects of the dispute, ensuring a complete resolution while addressing compensation for both types of damages. It is important to note that these examples are hypothetical and variations of the agreement may exist depending on the specific circumstances and the parties involved. Furthermore, it is always advisable to consult with a legal professional to ensure the agreement accurately reflects the terms and conditions specific to each case.
