An agreement and satisfaction are to be distinguished from Derentis. A discharge is the abandonment of a right that can be granted free of charge (free) or against insufficient consideration, while an agreement and satisfaction is the cancellation or debt by accepting a payment that is considered a full satisfaction Holman v. Simborg, 152 Ill App.3d 453, 456 (Fig. Ct. 1. Dist. Therefore, reflection is not a necessary element for liberation, but for harmony and satisfaction. the application is exempt, unless otherwise provided, under U.C.C. p. 3-311 (b) where the person against whom the claim is invoked proves that the act or written notification accompanying it contained a striking statement indicating that the act was offered in full satisfaction with the law. Agreement and satisfaction are the payment of unseated debt. For example, a contractor is responsible for building a garage for an owner for 35,000 $US. The contract required $17,500 prior to construction, us$10,000 in various construction phases and a final payment of $7,500 at completion.
Once completed, the owner of the house complained of a lower quality of work and refused to make the final payment. After a mutual agreement, the owner accepted $4000 as a full payment. A new contract was created through offer, acceptance and consideration. The idea is that for a saving of $3,500, the owner abandons what is rightfully his, a well-built garage. The owner gives up his right at full price to avoid the suit for a lower performance. If the agreement and satisfaction have arrived, the owner has waived his right to bring a lower-quality action, and the owner has waived his right to sue for the full $7,500, which is due under the original contract. If Company A does not provide the new conditions for any reason, it may be held responsible for the original contract because it did not meet the terms of the agreement. Agreement and satisfaction are not a substitute for the original contract; on the contrary, it suspends the ability to execute this contract, as long as the terms of the contract are met as agreed. According to most state laws, a valid agreement and valid satisfaction require at least four elements, as a rule (1) an appropriate purpose, (2) the competent parties, (3) the meeting of the spirits of the parties and (4) an appropriate consideration. In our contract article, you will find the usual additional requirements for a binding agreement in California.
An agreement can be either an explicit agreement or implicit on the basis of the circumstances surrounding the transaction.