Agreement for Accord and Satisfaction of an Undisputed Claim
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An and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. and satisfaction is also used to settle legal claims prior to bringing them to court.
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 .
Remission or waiver implies accepting a lesser performance of the contract or complete abandonment of the contractual obligations. However, in and satisfaction, the old obligations are replaced by new ones.
An and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract, or other liability for an amount based on terms that differ from the original amount of the contract or claim. and satisfaction is also used to settle legal claims prior to bringing them to court.
????? For and satisfaction to occur, the amount of the obligor?s debt to the obligee must be in dispute, or unliquidated.
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.
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.