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.
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The five debt-relief programs in Georgia include debt management programs, debt consolidation loans, debt settlement, nonprofit debt settlement and bankruptcy. Each program has plusses and minuses for Georgians to ponder. Here is an outline for each program and why it might work for you.
In Georgia, releases from unknown claims and future conduct are effective if such intent is clearly expressed in the release (Dennis v. City of Atlanta, 324 Ga.
Acceptance or rejection of the offer by the offeree must be in writing and served upon the offeror. An offer that is neither withdrawn nor accepted within 30 days shall be deemed rejected.
The Creditor agrees to accept the settlement amount as payment in full for the account(s) in question. The Creditor will not sell the debt to a third-party collection agency as long as the Agreement is active and once it is considered complete. This section of the document protects both parties.
Offers to Settle and The Impact on a Costs Award If the plaintiff ultimately secures a judgment that is as or more favourable than their original offer, the plaintiff will be entitled to partial indemnity costs to the date of the offer, and substantial indemnity costs from that date, unless the court orders otherwise.
Advantages of Settlement You decide the outcome. ... A settlement brings the dispute to an end so you can put the complaint behind you and move on. Settlement is usually much faster, with less steps than the hearing process. Settlement talks are confidential.
At any time more than 30 days after the service of a summons and complaint on a party but not less than 30 days (or 20 days if it is a counteroffer) before trial, either party may serve upon the other party, but shall not file with the court, a written offer, denominated as an offer under this Code section, to settle a ...
A Rule 68 Offer of Settlement raises the stakes for the party receiving an offer. If the party rejects the offer, it risks having to pay attorneys' fees and expenses of the offering party based on the outcome of the case.
