Oklahoma Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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How to fill out Checklist Of Matters To Be Considered In Drafting An Accord And Satisfaction Agreement?
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FAQ
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 .
Usually, 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.
A satisfaction clause is a provision in a contract that makes one party's performance conditional on his or her satisfaction as to the other party's performance or as to the status of something involved in the contract.
An and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms ing to the agreement.
An and satisfaction is a substitute contract for settlement of a debt by some alternative other than full payment. The consideration for an is often the resolution of a disputed claim.
To establish the defense or and satisfaction, there must be (1) evidence of a dispute between the parties about what is expected and (2) evidence establishing that the parties specifically and intentionally agreed to discharge the existing obligation by means of a lesser payment tendered and accepted.
The key difference between an and satisfaction and a release is that an and satisfaction involves a new agreement between the parties to resolve a dispute, while a release involves the release of liability for a specific claim or set of claims.
