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 a bona fide dispute; an agreement to settle the dispute; and 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.
Massachusetts Agreement for Accord and Satisfaction of a Disputed Claim
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US-00435BG
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How to fill out Agreement For Accord And Satisfaction Of A Disputed Claim?
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FAQ
And satisfaction refers to the agreement () between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the .
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 .
To establish the defense or and satisfaction, there must be (1) evidence of a dispute between the parties about what is expected and (2) evidence establishing that the parties specifically and intentionally agreed to discharge the existing obligation by means of a lesser payment tendered and accepted.
For example, if one party promises to settle a debt to another party with real estate instead of cash as originally agreed to in the contract, this would be considered an . The is satisfied once the promised real estate has been transferred.
554, 561 (2001), for the rule that three elements must exist for there to be an ? 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 ...
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.
An and satisfaction occur when a ?claim is discharged because some performance other than that which was claimed to be due is accepted as full and satisfaction of the claim.? means agreement and satisfaction refer to the execution or performance.
If the lender agrees to reduce the closing costs by an extra $1000 and the borrowers agree, then there has been an and satisfaction.
