A contract is usually discharged by performance of the terms of the agreement. However, 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
(1) a bona fide dispute;
(2) an agreement to settle the dispute; and
(3) 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 if the amount is in dispute. An accord and satisfaction is also a method of settling a cause of action arising either from a civil wrong (tort), by substituting for the cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.
The New Mexico Agreement for Accord and Satisfaction of a Disputed Claim for Negligence refers to a legally binding document used to resolve disputes involving personal and property damages caused due to negligence. This agreement aims to settle the dispute between the injured party and the party responsible for the damages, ensuring that both parties reach a fair and amicable resolution. Keywords: New Mexico, Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence. There are different types of New Mexico Agreements for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence, which may include: 1. Agreement for Accord and Satisfaction — Personal Damages: This type of agreement focuses solely on resolving disputes related to personal damages caused by negligence. It outlines the terms and conditions agreed upon by both parties, such as compensation, rehabilitation, and any additional requirements to resolve the claim. 2. Agreement for Accord and Satisfaction — Property Damages: This specific agreement specifically addresses disputes concerning property damages resulting from negligence. It lays out the arrangements to rectify the damages, including repairs, replacement, or compensation for the loss incurred. 3. Comprehensive Agreement for Accord and Satisfaction — Personal and Property Damages: This agreement encompasses both personal and property damages caused by negligence. It aims to offer a comprehensive solution that adequately compensates the injured party for any harm caused, be it physical, emotional, or financial. This type of agreement emphasizes a holistic approach to resolving the dispute. Regardless of the specific type, a New Mexico Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence serves as a legally binding contract that allows both parties involved in the dispute to settle their differences and reach a mutually acceptable resolution, without the need for further litigation.
