Ad
related to: accord and satisfaction credit card definition economics
Search results
Results From The WOW.Com Content Network
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.
Consideration is the central concept in the common law of contracts and is required, in most cases, for a contract to be enforceable. Consideration is the price one pays for another's promise.
In one recent case, a court rejected a credit card issuer's attempted justification of a restriction against competitive dealings said to be reasonably necessary to promote "loyalty" and "cohesion." [17] How necessary and necessary to what thus remain controverted issues under the doctrine of Mitchel v. Reynolds.
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.
A debit card is a payment card that allows you to make purchases and withdraw cash from your bank account. Debit cards are also known as "check cards." They look and work similarly to credit cards, but they use money that's already in your checking account instead of money you borrow. debtor An entity that owes a debt to another entity.
A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services, or withdraw cash, on credit. Using the card thus accrues debt that has to be repaid later. [1] Credit cards are one of the most widely used forms of payment across the world. [2]
For premium support please call: 800-290-4726 more ways to reach us more ways to reach us
Satisfaction may refer to: Contentment. ... Accord and satisfaction, a contract law concept about the purchase of the release from a debt obligation; Film and television