Accord and satisfaction is a method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement. Accord is the agreement and satisfaction is its execution or performance.
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.
A settlement in which one party promises to forego an undisputed, liquidated claim in exchange for a promise to perform, or the performance of, a pre-existing duty will not be held to be enforceable by many courts, because of the absence of consideration. However, the promise to perform, or the performance of, anything slightly different from the pre-existing duty is sufficient consideration to support a promise to forego the claim. When a claim is disputed in good faith, or when an undisputed claim is unliquidated (the amount owed has not been determined), a settlement of such a claim is clearly enforceable.
The Oklahoma Agreement for Accord and Satisfaction of an Undisputed Hospital Claim is a legal document that outlines the terms and conditions for resolving a hospital claim in the state of Oklahoma. This agreement is specifically designed to settle hospital claims that are undisputed, meaning that there is no disagreement or dispute regarding the medical services provided or the payment amount. Keywords related to this agreement include: 1. Oklahoma: Refers to the state in which the agreement is applicable and enforceable. It signifies that the agreement follows the specific laws and regulations of Oklahoma. 2. Agreement: Denotes a written document between two or more parties that outlines the terms and conditions of their understanding. In this case, the agreement is between the hospital and the party responsible for paying the claim. 3. Accord and Satisfaction: A legal concept wherein parties agree to resolve a debt or claim by making a different payment or accepting different terms than originally agreed upon. In the context of this agreement, the hospital agrees to settle the claim for an amount different from the original invoice or by accepting different payment terms. 4. Undisputed: Indicates that there is no disagreement or dispute regarding the hospital services provided or the amount charged. This ensures that both parties are in agreement about the nature and cost of the medical services. Different types or variations of the Oklahoma Agreement for Accord and Satisfaction of an Undisputed Hospital Claim could potentially exist based on modifications made to the terms or conditions. However, there is no specific information available regarding different types of this agreement. It is important to consult with legal professionals or conduct further research to determine if any specific variants exist.
