true or false When parties agree to an accord and satisfaction, the original obligation subject to the accord is immediately dis

Question

Pavel [41]

4 years ago

14

true or false When parties agree to an accord and satisfaction, the original obligation subject to the accord is immediately dis

charged.

Social Studies

1 answer:

Serjik [45] · Answer 1 · 2021-12-08T03:58:14+03:00

Answer: when parties agree to an accord or satisfaction, the original obligation will be discharged immediately. Therefore the answer is TRUE

Explanation:

An accord and satisfaction is a legal contract whereby two or more parties which has been bond with a former agreement, agrees to discharge a tort claim, contract, or other liability that is bond to their former agreement, for an amount based on terms that differ from the original amount of the contract or claim. Accord and satisfaction helps parties in agreement to adjust it's former agreement, so as to get optimum satisfaction. This can also help them to settle legal claims instead of going to court.

When the two or more parties agreed to an accord and satisfaction, any formers agreement will be discharged, as the accord stands to be the new agreement for the party, and this agreement is been applied immediately, thereby discharging the former agreement immediately.