Texas Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence

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US-00437BG
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Description

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.


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 if the amount is in dispute. An accord and satisfaction is also a method of settling a cause of action arising either from a civil wrong (tort), by substituting for the cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.

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  • Preview Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence
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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 .

A common way that and satisfaction is used is to satisfy a debt that a debtor cannot afford with a smaller payment. Sometimes a creditor will agree to accept a percentage of a debt in order to have the original contract fulfilled and the dispute handled.

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.

Under Texas law, an and satisfaction defense exists when parties agree to discharge an existing obligation in a manner other than based on the terms of their original contract.

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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 .

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.

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.

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Texas Agreement for Accord and Satisfaction of a Disputed Claim (i.e., Personal and Property Damages) for Negligence