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 Oklahoma Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence is a legal document designed to settle disputes arising from personal or property damages due to negligence. This agreement allows parties involved in the dispute to reach a mutually acceptable resolution and avoid prolonged litigation. Keywords: Oklahoma Agreement, Accord and Satisfaction, Disputed Claim, Personal Damages, Property Damages, Negligence. There are different types of Oklahoma Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence, including: 1. General Accord and Satisfaction: This type of agreement is used when both parties agree to settle the dispute involving personal or property damages caused by negligence. It outlines the terms and conditions for the resolution, including the amount of compensation to be paid, release of liability, and the actions required by both parties to fulfill the settlement. 2. Specific Property Damage Accord and Satisfaction: This type of agreement specifically focuses on property damages caused by negligence. It defines the extent of damages and the compensation agreed upon by both parties. The terms may include repairs, replacement, or reimbursement for the damaged property. 3. Bodily Injury Accord and Satisfaction: This type of agreement is used when the dispute involves personal injury caused by negligence. It outlines the compensation to be paid for medical expenses, pain and suffering, lost wages, and any other damages incurred. The agreement may also address future medical needs and ongoing care. 4. Partial Accord and Satisfaction: In some cases, both parties may agree to settle only a portion of the disputed claim. This type of agreement allows for a partial resolution, typically with the understanding that the remaining issues will be resolved separately or through further negotiation. Regardless of the type, an Oklahoma Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence is a legally binding contract that should be carefully reviewed and understood by all parties involved. It is advised to consult with a qualified attorney to ensure the agreement properly protects the rights and interests of all parties.
