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Illinois Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence

Category:
Civil Procedure - Accord and Satisfaction
State:
Multi-State
Control #:
US-00437BG
Format:
Word; 
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Description

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.

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  • Preview Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence
  • Preview Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence
  • Preview Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence

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FAQ

The affirmative defense of and satisfaction requires proof of (1) a preexisting dispute as to the nature and extent of an obligation between the parties, (2) their mutual intent to effect settlement of that dispute by a superseding agreement, and (3) the obligor's subsequent tender and the obligee's acceptance ...

Under 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.

The is the new agreement between the parties, and the satisfaction is the performance of the obligations under the agreement. An and satisfaction typically involves the payment of money or other consideration in exchange for the resolution of the dispute.

The key difference between an and satisfaction and a release is that an and satisfaction involves a new agreement between the parties to resolve a dispute, while a release involves the release of liability for a specific claim or set of claims.

In order to constitute a valid and satisfaction, there must have existed a valid dispute between the parties. An and satisfaction is a contract and, as such, all of the requisite elements of a contract must be present.

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 .

An and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms ing to the agreement.

It does not necessarily have to be in writing unless it comes within the statute of frauds. Unless there are matters intentionally left outside the and satisfaction, it settles the entire controversy between the parties. It extinguishes all the obligations arising out of the underlying contract or tort.

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