- October 6, 2021
- Posted by: samdenis
Satisfaction is the performance of the agreement by the promiser, so that when the agreement is fulfilled, the agreement has been fulfilled. So if Thelma Louise actually gives the beach house and Louise accepts the beach house to pay Thelma`s debt, there will be satisfaction with her agreement. In this case, Bob`s commitment to pay Sally $600 was legally fulfilled. This type of discharge of contractual conditions is called an agreement. An agreement and satisfaction is a legal contract in which two parties agree to perform a claim, contract or other liability in the amount of an amount based on terms that differ from the original amount of the contract or claim. Compliance and satisfaction are also used to settle claims before they are brought to justice. However, acceptance of a cheque or project constitutes an agreement and satisfaction when a cheque or project is offered pursuant to a settlement or renewal agreement between a debtor and its creditors, all creditors in the same class receive similar treatment, and the creditor receives the cheque or project with limited knowledge. Just because an agreement is reached does not mean that the original contract is rejected. The original contract is still in force, but it is suspended provided that the contractual contract meets its conditions.
If the Agreement is complied with, both this Agreement and the original Contract shall be deemed to be fulfilled. Accord and Satisfaction is a concept of contract law that generally applies to the acquisition of a debt exemption. Agreement and satisfaction can occur during debt negotiations. For example, look at the bank and company A. Company A has a credit agreement with the bank, which puts pressure on its balance sheet. The bank collaborates with Company A and the initial credit agreement is revised. The new terms could allow Company A to make more minor payments, repay the debt at a lower interest rate, repay less than the original commitment, or any other agreement. An Agreement is an agreement in which a party to an existing contract accepts a performance other than the performance to which it is entitled under the first contract. For example, a concordance and satisfaction are to be distinguished from liberation. A downgrade is a waiver of a right that can be granted free of charge (free of charge) or for insufficient consideration, while an agreement and satisfaction is debt or receivable relief through the acceptance of a payment agreed as full satisfaction Holman v.
Simborg, 152 Fig. App.3d 453, 456 (Fig. App. Ct. 1st Dist. 1987). Consideration is therefore not a necessary element for liberation, but serves for coherence and satisfaction. .