BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Through this, the parties can conclude an agreement to accept partial performance in full satisfaction of an unliquidated or disputed obligation, which is a form of contract called an accord. The agreement hovers until it has been fully performed and its full performance is known as satisfaction.

Detailed explanation-2: –The settlement of an unliquidated debt is called an accord and satisfaction, because the creditor cannot maintain an action to recover the remained of the debt that he alleges is due.

Detailed explanation-3: -Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the accord.

Detailed explanation-4: -Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35, 000. The contract called for $17, 500 prior to starting construction, to disburse $10, 000 during various stages of construction, and to make a final payment of $7, 500 at completion.

Detailed explanation-5: -Full and final settlement means that you ask your creditors to let you pay a lump sum instead of the full balance you owe on the debt. In return for having a lump-sum payment, the creditor agrees to write off the rest of the debt.