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 Oregon Agreement for Accord and Satisfaction of an Undisputed Hospital Claim is a legal document used in the state of Oregon to resolve a hospital claim that is not being contested or disputed by either party involved. This agreement is used to settle the claim and avoid further legal action. Keywords: 1. Oregon: The Agreement is specific to the state of Oregon and is governed by the laws and regulations of the state. 2. Accord and Satisfaction: Accord refers to the agreement or compromise between the parties involved, while satisfaction refers to the settlement of the claim. The Agreement facilitates the resolution of the claim through an accord and satisfaction arrangement. 3. Undisputed: The Agreement is applicable only when the hospital claim is not being disputed by either party, meaning that both the hospital and the claimant agree on the amount owed and the validity of the claim. 4. Hospital Claim: This refers to a request for payment made by a hospital for services rendered to a patient. It could include charges for medical treatment, procedures, medication, room and board, and other related expenses incurred during the hospital stay. Different types of Oregon Agreement for Accord and Satisfaction of an Undisputed Hospital Claim: 1. Assured Lump Sum Payment: This type of Agreement specifies a one-time payment made by the claimant to the hospital to settle the claim in full. The payment amount is agreed upon by both parties. 2. Installment Payment Plan: In this type of Agreement, the claimant agrees to make regular periodic payments to the hospital over a predetermined period of time. The amount and frequency of payments are typically negotiated by both parties. 3. Barter or Non-Monetary Settlement: This type of Agreement involves the exchange of goods or services instead of monetary payment to settle the hospital claim. For example, the claimant may provide the hospital with goods or services in return for waiver or reduction of the claim amount. It is important to note that the different types of Agreements mentioned above are examples and there may be other variations in the Oregon Agreement for Accord and Satisfaction of an Undisputed Hospital Claim depending on the specific circumstances and negotiations between the parties.
