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 a bona fide dispute; an agreement to settle the dispute; and 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.
South Dakota Agreement for Accord and Satisfaction of a Disputed Claim
State:
Multi-State
Control #:
US-00435BG
Format:
Word;
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Instant download
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How to fill out Agreement For Accord And Satisfaction Of A Disputed Claim?
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FAQ
An and satisfaction occur when a ?claim is discharged because some performance other than that which was claimed to be due is accepted as full and satisfaction of the claim.? means agreement and satisfaction refer to the execution or performance.
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.
Requirements for Using the and Satisfaction Defense That there is an agreement between the parties. That there is a dispute between the parties. Evidence of the fact that the parties intentionally agreed to solve an existing obligation with a lesser payment. That payment has been accepted.
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 .
Thelma owes Louise $100,000 under a contract. Thelma owns a beach house which she promises to give Louise in settlement of the debt and Louise promises to accept the house in settlement of the debt instead of the $100,000. This new agreement is an .
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.
For example, if one party promises to settle a debt to another party with real estate instead of cash as originally agreed to in the contract, this would be considered an . The is satisfied once the promised real estate has been transferred.
If the lender agrees to reduce the closing costs by an extra $1000 and the borrowers agree, then there has been an and satisfaction.
