West Virginia Checklist of Matters to be Considered in Drafting an Accord and Satisfaction Agreement
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FAQ
An and satisfaction differs from a modification in that a modification immediately discharges a pre-existing duty, whereas an and satisfaction does not discharge a pre-existing duty until the agreed upon, alternate performance occurs.
To prove an and satisfaction, the person paying must prove that the amount owed to the creditor was disputed; that a check was sent which was clearly marked ?paid in full,? or with other language establishing that the payment was in full satisfaction of the debt, or was sent with a letter saying that the payment ...
Usually, and satisfaction deals with a debtor's offer of payment and a creditor's acceptance of a lesser amount than the creditor originally claimed to be owed. It is a method of discharging a claim by settlement of the claim and performing the new agreement. and Satisfaction - The Basics | Stimmel Law Stimmel Law ? articles ? -and-s... Stimmel Law ? articles ? -and-s...
Sometimes a buyer sends a check marked ?Full Satisfaction,? or words to that effect. If a seller cashes the check, the seller will not be able to proceed against the buyer for the balance if there is a bona fide dispute. In these cases, there is an and satisfaction. Cashing a Full Satisfaction Check - McCarron & Diess mccarronlaw.com ? paca ? contracts ? cashing-a-f... mccarronlaw.com ? paca ? contracts ? cashing-a-f...
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. What Does and Satisfaction Mean in a Legal Contract? Investopedia ? terms ? -and-sa... Investopedia ? terms ? -and-sa...
And satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion. and satisfaction - Wikipedia wikipedia.org ? wiki ? _and_satisfaction wikipedia.org ? wiki ? _and_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.
