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Agreement for Accord and Satisfaction of an Undisputed...

Undisputed Claim

Name: Agreement for Accord and Satisfaction of an Undisputed Claim--Different Method of Payment
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.72 (254 reviews)

Category:

Contracts - Accords and Satisfaction

State:

Multi-State

Control #:

US-13138BG

Format:

Instant download

Description

An accord & Satisfaction is a method of discharging a contract, or settiling a cause of action arising either from a contract or a civil wrong.

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FAQ

The agreement by which the original obligation is discharged is the accord, and the discharge of the substituted obligation is the satisfaction. A contract can be discharged by the same process which created it, that is, by mutual agreement.

Accord and satisfaction- the agreement under which one of the parties undertakes to give or perform, and the other to accept, in satisfaction, the amount of the debt must be in dispute.covenant not to sue- the parties substitute a contractual obligation for some other type of legal action based on a valid claim.

An accord 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. Accord and satisfaction is also used to settle legal claims prior to bringing them to court.

The discharge of an obligation by paying a party what is dueas on a mortgage, lien, or contractor by paying what is awarded to a person by the judgment of a court or otherwise.

An agreement in which the promisor in a current contract promises to perform a different obligation than the one he is contractually bound to perform and the promisee agrees to accept the different obligation instead of the performance he is entitled to under the current contract.

Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.

Under most state law, a valid accord 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 accord and satisfaction is distinguishable from release. A release is a relinquishment of a right, which may be given gratuitously or for inadequate consideration, while an accord and satisfaction is the discharge of a debt or claim by the acceptance of some payment which is agreed to constitute full satisfaction.

Undisputed Claim

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