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

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Multi-State
Control #:
US-00437BG
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Word; 
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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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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.

A harmonious agreement, especially between countries. An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties involved can propose an . If the newly substituted obligation is performed, the performance is called a satisfaction.

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.

Some criminal charges can be resolved through an and satisfaction where the accused makes things right with the victim and pays restitution to them, and the criminal case is dismissed. Under Virginia Code § 19.2-151, this is only an option if you are charged with certain misdemeanor offenses.

Some criminal charges can be resolved through an and satisfaction where the accused makes things right with the victim and pays restitution to them, and the criminal case is dismissed. Under Virginia Code § 19.2-151, this is only an option if you are charged with certain misdemeanor offenses.

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