Oregon Receipt for Payment Discharging Undisputed Claim in Full with Acceptance by Creditor of Amount Less Than Claim
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How to fill out Receipt For Payment Discharging Undisputed Claim In Full With Acceptance By Creditor Of Amount Less Than Claim?
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FAQ
Consideration is something of value exchanged between the parties to a contract. Consideration can be many things such as money, property, service, work performance, or a promise to not do something. As long as the parties to the contract exchange something of value between each other, there is consideration.
When an and satisfaction is reached to discharge a debt, the creditor still receives some payment of the debt, while the debtor benefits from not being held to the full obligation. This can apply to everyday life as well as corporate finance.
Composition, in modern law, an agreement among the creditors of an insolvent debtor to accept an amount less than they are owed, in order to receive immediate payment.
And satisfaction occurs when a business tries to get its full asking price for goods or services sold to a consumer, who in turn asserts he or she is not obligated to pay the full price billed because of a defect or breach of warranty relating to the goods and services.
Acceptance, by the creditor, of the consideration of an extinguishes the obligation, and is called satisfaction.
Under most state law, a valid and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.
For instance, if a person used the money to purchase an apple, the apple is the merchant's consideration, and the money is the person's consideration. Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
