The Missouri Agreement for Accord and Satisfaction — Disputed Claim for Personal Injuries or Property is a legal document used in the state of Missouri to settle disputes related to personal injuries or property damage. This agreement serves as a means for parties involved in a dispute to reach a resolution and avoid costly litigation. Keywords: — Missouri: Referring to the state where the agreement is applicable. — Agreement for Accord and Satisfaction: Denoting a legal contract to resolve a dispute by providing a mutually agreed-upon settlement. — Disputed Claim: Referring to a disagreement or conflict between parties regarding personal injuries or property damage. — Personal Injuries: Referring to harm or damages suffered by an individual, including physical or emotional injuries sustained from accidents, negligence, or intentional actions. — Property: Referring to real estate, personal belongings, or possessions that may be subject to damage or loss in a disputed claim. Types of Missouri Agreement for Accord and Satisfaction — Disputed Claim for Personal Injuries or Property: 1. Personal Injury Dispute: This type of agreement focuses on settling disputes arising from personal injuries suffered by an individual. It may involve negotiations between the injured party and the party responsible or their insurance providers. 2. Property Damage Dispute: This type of agreement pertains to resolving disputes related to damage or loss of property. It can involve negotiations between the owner of the property and the party responsible for the damage, such as a contractor, tenant, or neighboring property owner. 3. Combined Personal Injury and Property Damage Dispute: In some cases, a dispute may involve both personal injuries and property damage. This type of agreement addresses the comprehensive settlement for both aspects of the claim, providing a resolution that covers all relevant damages. In summary, the Missouri Agreement for Accord and Satisfaction — Disputed Claim for Personal Injuries or Property is a legal document used to settle disputes involving personal injuries or property damage in the state of Missouri. It offers parties an opportunity to reach a mutually agreed-upon resolution, avoiding the need for litigation.
Missouri Agreement for Accord and Satisfaction - Disputed Claim for Personal Injuries or Property Damage
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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.
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.
Accord 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.
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 definition of accord is to come to a compromise or agreement. An example of coming to an accord is the signing of a peace treaty between two countries. Accord means by choice. An example of the usage of this colloquialism is: No one asked me to do so, but I cleaned the entire house on my own accord.
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.
What is accord and satisfaction affirmative defense? An accord and satisfaction is an agreement to solve a claim in which the parties to a contract agree on new terms which may be less stringent than the ones in the original contract. The party with a claim usually receives less than what is owed to settle the claim.