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.
North Dakota Agreement for Accord and Satisfaction of a Disputed Claim
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FAQ
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.
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 .
If the lender agrees to reduce the closing costs by an extra $1000 and the borrowers agree, then there has been an and satisfaction.
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 .
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.
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 .
More info
Section 41-03-37 - (3-311) Accord and satisfaction by use of instrument 1. This section applies if a person against whom a claim is asserted proves that ... The accord is the agreement. The satisfaction is the execution or performance of the agreement. In this form, Creditor agrees to secure a new mortgage loan ...by SJ Burnham · 1986 · Cited by 14 — The first step in analyzing an accord and satisfaction problem is to determine (1) whether the obligation is liquidated or unliqui- dated, and (2) whether it is ... Aug 15, 2023 — The form doesn't have to be signed in North Dakota or signed by a North Dakota Notary Public or a North Dakota Clerk of Court. It is a method of discharging a claim by settlement of the claim and performing the new agreement. The accord is the agreement and the satisfaction its ... by RS Kestner · 1977 · Cited by 1 — An accord and satisfaction is "a discharge by the rendering of some performance different from that which was claimed as due and. by JM Corum · 1959 — On appeal, the Supreme Court of North Dakota, construing the settlement to ... In the instant case, the court construed the settlement agreement to be simply ... by PB Fry · Cited by 20 — The court held that the conditional payment was payment of an unliquidated claim if any part was disputed, and that the acceptance of the payment discharged the ... Jun 16, 2022 — In order to fully satisfy the claimant, the claimant must be given something in good faith; A dispute must exist about the exact amount of the ... The agreement of the parties with respect to the transaction involves repeated ... Subsection 1 does not apply to an accord and satisfaction. 41-01-23. (1-309) ...
