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.
Washington Agreement for Accord and Satisfaction of a Disputed Claim
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US-00435BG
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How to fill out Agreement For Accord And Satisfaction Of A Disputed Claim?
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FAQ
554, 561 (2001), for the rule that three elements must exist for there to be an ? and satisfaction?: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party ...
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.
To establish the defense or and satisfaction, there must be (1) evidence of a dispute between the parties about what is expected and (2) evidence establishing that the parties specifically and intentionally agreed to discharge the existing obligation by means of a lesser payment tendered and accepted.
An and satisfaction occurs when the parties involved in a dispute reach a new agreement to resolve the dispute. This agreement may involve a compromise, such as a payment of less than the full amount owed or a release of certain claims.
If the lender agrees to reduce the closing costs by an extra $1000 and the borrowers agree, then there has been an and satisfaction.
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.
An and satisfaction is a substitute contract for settlement of a debt by some alternative other than full payment. The consideration for an is often the resolution of a disputed claim.
