New Hampshire Agreement for Accord and Satisfaction - Disputed Claim for Personal Injuries or Property Damage
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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 Doctrine of Accord and Satisfaction (Doctrine) means discharge of one's contractual obligations by way of performing substituted obligations. It is a mode of one's discharge from its contractual obligations wherein parties to a contract perform a new set of obligations in substitution of older contractual terms.
Usually, accord and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement.
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.
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.
An accord and satisfaction defense may be the right affirmative defense where there is a disagreement about a contract between the plaintiff and the defendant, and the plaintiff already accepted a smaller sum of money from the defendant to fully satisfy the contract terms.
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.
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
If the obligation or service that was agreed upon in the accord is rendered, then the agreement is considered satisfied. In the case previously mentioned, if Bob does, in fact, give Sally the vehicle in place of the $600 he owed her, he has satisfied the accord.
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