Satisfaction Agreement

Satisfaction is the performance of the agreement by the promisor, so that if the agreement is implemented, the agreement would have been respected. So if Thelma Louise actually gives the beach house and Louise accepts the beach house to pay Thelma`s debts, there is satisfaction with her agreement. Violation of an agreement works in the same way as a breach of contract, since the conditions are not met and the victim can take legal action against the victim. The suit could take legal action on the basis of the original contract or under the new agreement. Satisfaction refers to the execution of an agreement by the draft of the original contract. If the commitment or benefit agreed in the agreement is respected, the agreement is deemed to be respected. And of course, the ubiquitous “full payment” written on partial payment cheques is a permanent source of litigation, as creditors and debtors argue over whether there has been agreement and satisfaction. The law of the state concerned regulates these issues (often the UCC, if between traders) and the creditor or wise debtor will learn the special law before such a cheque is issued or cashed. In the absence of such an intention, the partial payment will have only a relief effect of the amount paid and the creditor is entitled to maintain an action in recovery of the balance of his debt. In order to determine the intent of the parties, it is necessary to examine the language of the order of satisfaction and release taking into account the circumstances that existed at the time of the concentration. Another example would be that a lender agrees to borrow $100,000 at an interest rate of 5.0% for 30 years, and the loan documents are all established for a loan at an interest rate of 6.0%.

If the lender agrees to reduce the purchase costs by an additional $1,000 and borrowers agree, there has been convergence and satisfaction. If borrowers later complain of a breach of contract, the transaction (offer and acceptance of the USD 1000) is a match and satisfaction and constitutes a valid defense of the borrower`s action. Correspondence and satisfaction are generally a matter of state law and are generally defined as an agreement for the completion of an application in which the parties agree to give and accept another benefit, generally less than is necessary or due. Any claim based on an explicit or tacit contract can be agreed and met. See our article on contracts. Since an agreement is seen as a new agreement that replaces the old one, coherence and satisfaction must contain all the essential elements of a treaty. the application is exempt, unless otherwise provided, under U.C.C. p. 3-311 (b) where the person against whom the claim is invoked proves that the act or written notification accompanying it contained a striking statement indicating that the act was offered in full satisfaction with the law. When a claim is challenged or not liquidated and the debtor is tendered for a review or project in the middle of the claim, and the words “full payment” or similar words are noted on the review or project, the acceptance of the cheque or project does not constitute consent and satisfaction if the creditor protests against the claim. accept the offer in its entirety by excluding or removing that rating.

, or if the review or design took place inadvertently or without knowledge of the notation.