Louisiana Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment
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How to fill out Agreement For Accord And Satisfaction Of An Undisputed Claim--Different Method Of Payment?
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FAQ
A satisfaction of judgment is a document signed by a judgment creditor and generally filed with the court, indicating that a judgment has been paid in full.
An accord and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. Accord and satisfaction is also used to settle legal claims prior to bringing them to court.
The discharge of an obligation, such as the payment of a debt, or the reparation of some wrong or injury.
The satisfaction is the execution or acceptance of this agreement, and once satisfaction occurs, the previous contract is extinguished. Accord and satisfaction is an affirmative defense to a breach of contract claim, requiring the asserting party to plead and prove the defense.
Under most state law, a valid accord 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.
A common way that accord and satisfaction is used is to satisfy a debt that a debtor cannot afford with a smaller payment. Sometimes a creditor will agree to accept a percentage of a debt in order to have the original contract fulfilled and the dispute handled.
554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party
The check must have a clear and noticeable statement that the check is offered in full satisfaction of the debt before an accord and satisfaction may be established. The statement must be conspicuous so that a reasonable person either noticed it or should have noticed it.
Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.
Accord and satisfaction deals with a debtors offer of payment and a creditors acceptance. of a lesser amount than the creditor originally purported to be owed. It is a method of discharging a claim by settlement of the claim and performing the agreement.
