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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.
3. The performance may consist of an act other than a promise, or a forbearance, or the creation, modification, or destruction of a legal relation. [1] An example of this is renting of apartment. The landlord and tenant come together to discuss the terms of the exchange (most of the time, the leasing is outlined in a contract). Thus, they have ...
Murray, 322 A.2d 630 (RI 1974) modification of a contract does not require consideration if the change is made in good faith and agreed by both parties. Hamer v. Sidway , 124 N.Y. 538, 27 N.E. 256 (N.Y. 1891) promising to not behave anti-socially amounted to valid consideration for a contract, in this case payment of money by an uncle to a ...
An exception to this rule holds for settlements, such as an accord and satisfaction. If a creditor has a credit against a debtor for $10,000, and offers to settle it for $5,000, it is still binding, if accepted, even though the debtor had a legal duty to repay the entire $10,000.
If a person were to accept an offer, but make a modification, then they are actually rejecting the offer presented to them and are proposing a counter-offer: Masters v Cameron (1954) 91 CLR 353. That modifying party is then the one making a new offer, and the original offeror is now the one who has to accept.
Attempts have been made to evade the doctrine by implying trusts (with varying success), constructing the Law of Property Act 1925 s. 56(1) to read the words "other property" as including contractual rights, and applying the concept of restrictive covenants to property other than real property (without success). in case of trust/beneficiary
Furthermore, the property (called al-mawqūf or al-muḥabbas) used to found a waqf must be objects of a valid contract. The objects should not themselves be haram (e.g. wine or pork). These objects should not already be in the public domain: public property cannot be used to establish a waqf.
An assignment does not necessarily have to be made in writing; however, the assignment agreement must show an intent to transfer rights. The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee. [1]