South Carolina Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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How to fill out South Carolina Checklist Of Matters To Be Considered In Drafting An Accord And Satisfaction Agreement?
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FAQ
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.
The consideration for an is often the resolution of a disputed claim. While in a novation, the new promise itself satisfies the preexisting claims, in an it is the performance of the new promise that satisfies the preexisting duty.
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.
And satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
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.
The doctrine of and Satisfaction is a mode of discharge of contractual obligations as opposed to Waiver of Contractual Rights which only covers the liberty of a person to let go of certain obligations irrespective of the fact whether the remaining obligations have been fulfilled or not.
An and satisfaction occurs when the parties involved in a dispute reach a new agreement to resolve the dispute. This agreement may involve a compromise, such as a payment of less than the full amount owed or a release of certain claims.
An and satisfaction differs from a modification in that a modification immediately discharges a pre-existing duty, whereas an and satisfaction does not discharge a pre-existing duty until the agreed upon, alternate performance occurs. See, e.g. Rose Inn of Ithaca, Inc. v. Great American Ins.
