In a contract, it is typical that the consideration provided in the original contract is less than negotiated. In the case of coin contracts that require a smaller consideration than the original, the consideration must be of a different type, for example.B. instead of money, the debtor offers a car or a boat. 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. However, the adoption of a review or project is a coincidence and a satisfaction if a review or project is proposed on the basis of a composition or extension agreement between a debtor and its creditors, if all creditors of the same class receive similar treatment and if the creditor receives the review or project with knowledge of the restriction. If the contractual debt cannot be settled or executed, an agreement can be reached to settle the debt in a new way. Contractual disputes are often resolved with consistency and satisfaction. If a contract is not executed by one of the parties involved and the other takes legal steps to impose compensation for what has been promised, they can agree on a settlement agreement without bringing it to justice. This legal agreement can lighten the contract or simply solve the problem of the contract and is sometimes called “settlement of accounts”. Agreement – Satisfaction – as the name suggests, are there two parts of agreement and satisfaction? (1) agreement and (2) satisfaction. A common way to use consistency and satisfaction is to pay a debt that a debtor cannot afford with a lesser payment.
Sometimes a creditor will agree to accept a percentage of a debt to enforce the original contract and deal with the dispute. This smaller amount, agreed to satisfy the debts, is called an agreement. As soon as this amount is paid by the debtor, it is classified as satisfaction. 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. An agreement that has not yet been reached is called the executory Accord. Just because an agreement is reached does not mean that the original contract is not rejected. The original contract is still in effect, but it is suspended provided the contract meets its conditions. If the agreement is reached, the agreement and the original contract are deemed to be honoured.
On the other hand, a formal modification of the contract (i.e. a replacement agreement) is not subject to conditions. An amendment replaces the original agreement with a new agreement. If the new agreement is not respected, the non-treaty party can only take legal action under the new amended treaty (the original contract no longer exists). The agreement will take place if, under a contract that has promised to provide a particular service, the performance of a bond or the offer of a product promises to respect the agreement in a different way from the one originally agreed and the recipient party accepts the new offer.