Where one party has performed his obligations in their entirety but something remains to be done by the other party, the party to whom the obligation is owed may release the other party by a subsequent agreement under seal. Furthermore, the party to whom the obligation is owed may agree with the other party to accept something different in place of the former obligation. This is known as [...]: the subsequent agreement is the accord, and the new consideration is the satisfaction. Where there has been accord and satisfaction, the former obligation is discharged. However, where the subsequent agreement by which one party consents to accept something different in place of the original obligation is obtained under the threat that he will otherwise get nothing at all, there is no true accord and, consequently, the original obligation remains undischarged. The essential point is that, unless there is a new consideration, there can be no satisfaction, i.e. there can be no discharge of the previous agreement and no formation of an agreement in new terms.
Answer
accord and satisfaction
Tags
#contract #discharge #law
Question
Where one party has performed his obligations in their entirety but something remains to be done by the other party, the party to whom the obligation is owed may release the other party by a subsequent agreement under seal. Furthermore, the party to whom the obligation is owed may agree with the other party to accept something different in place of the former obligation. This is known as [...]: the subsequent agreement is the accord, and the new consideration is the satisfaction. Where there has been accord and satisfaction, the former obligation is discharged. However, where the subsequent agreement by which one party consents to accept something different in place of the original obligation is obtained under the threat that he will otherwise get nothing at all, there is no true accord and, consequently, the original obligation remains undischarged. The essential point is that, unless there is a new consideration, there can be no satisfaction, i.e. there can be no discharge of the previous agreement and no formation of an agreement in new terms.
Answer
?
Tags
#contract #discharge #law
Question
Where one party has performed his obligations in their entirety but something remains to be done by the other party, the party to whom the obligation is owed may release the other party by a subsequent agreement under seal. Furthermore, the party to whom the obligation is owed may agree with the other party to accept something different in place of the former obligation. This is known as [...]: the subsequent agreement is the accord, and the new consideration is the satisfaction. Where there has been accord and satisfaction, the former obligation is discharged. However, where the subsequent agreement by which one party consents to accept something different in place of the original obligation is obtained under the threat that he will otherwise get nothing at all, there is no true accord and, consequently, the original obligation remains undischarged. The essential point is that, unless there is a new consideration, there can be no satisfaction, i.e. there can be no discharge of the previous agreement and no formation of an agreement in new terms.
Answer
accord and satisfaction
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Open it s owed may release the other party by a subsequent agreement under seal. Furthermore, the party to whom the obligation is owed may agree with the other party to accept something different in place of the former obligation. This is known as <span>accord and satisfaction: the subsequent agreement is the accord, and the new consideration is the satisfaction. Where there has been accord and satisfaction, the former obligation is discharged. However, whe
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