Indiana Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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How to fill out Indiana Checklist Of Matters To Be Considered In Drafting An Accord And Satisfaction Agreement?
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FAQ
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.
An and satisfaction occurs when the parties involved in a dispute reach a new agreement to resolve the dispute. This agreement may involve a compromise, such as a payment of less than the full amount owed or a release of certain claims.
An and satisfaction differs from a modification in that a modification immediately discharges a pre-existing duty, whereas an and satisfaction does not discharge a pre-existing duty until the agreed upon, alternate performance occurs.
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.
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.
(d) A owes B, under a contract, a sum of money, the amount of which has not been ascertained. A, without ascertaining the amount, gives to B, and B, in satisfaction thereof, accepts, the sum of 2,000 rupees. This is a discharge of the whole debt, whatever may be its amount.
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 .
