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Accord And Satisfaction Meaning In Bengali
Accord And Satisfaction শব্দের বাংলা অর্থ কি: চুক্তি ও সন্তুষ্টি
Accord And Satisfaction
Definition
1) Accord and Satisfaction is a legal concept that refers to an agreement between two parties to settle a dispute or claim, where one party agrees to accept something of value in exchange for releasing the other party from any further obligations.
2) In contract law, Accord and Satisfaction occurs when the parties agree to accept a compromise in order to discharge an existing contractual obligation. This compromise can involve payment of a lesser amount, substitution of performance, or other mutually acceptable terms.
3) Accord and Satisfaction can also refer to the act of satisfying a debt or obligation by performing an agreed-upon alternative action, rather than through the exact terms originally specified in the contract. This can be a useful way to resolve disputes and avoid costly litigation.
Examples
Accord And Satisfaction Example in a sentence
1) The parties involved reached an accord and satisfaction by agreeing to settle the dispute out of court.
2) The contract was terminated through an accord and satisfaction when both parties agreed to cancel it.
3) The company accepted a lower payment as an accord and satisfaction for the damaged goods.
4) The debtor offered a payment which the creditor accepted as an accord and satisfaction for the outstanding debt.
5) The legal dispute was resolved with an accord and satisfaction, relieving both parties of further liabilities.
6) The landlord and tenant came to an accord and satisfaction regarding the lease agreement.
7) The insurance company made a settlement offer as an accord and satisfaction for the claim.
8) They signed a written agreement to document the accord and satisfaction they had reached.
9) The court recognized the accord and satisfaction as a valid resolution to the dispute.
10) We were able to avoid a lengthy legal battle by agreeing to an accord and satisfaction.
Synonyms
Encyclopedia
Accord and Satisfaction is a legal concept that refers to an agreement between two parties to settle a dispute or claim, where one party agrees to accept something of value in exchange for releasing the other party from any further obligations.
In contract law, Accord and Satisfaction occurs when the parties agree to accept a compromise in order to discharge an existing contractual obligation. This compromise can involve payment of a lesser amount, substitution of performance, or other mutually acceptable terms.
Accord and Satisfaction can also refer to the act of satisfying a debt or obligation by performing an agreed-upon alternative action, rather than through the exact terms originally specified in the contract. This can be a useful way to resolve disputes and avoid costly litigation.
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