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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.
“This document is called a mortgage satisfaction or deed of reconveyance depending on the state,” says Megan Hernandez, director of Marketing and Public Relations at the American Land Title ...
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 ...
Kentucky Revised Statutes; University of Louisville Digital Collection: The statute law of Kentucky with notes, praelections, and observations on the public acts : comprehending also, the laws of Virginia and acts of Parliament in force in this commonwealth : the charter of Virginia, the federal and state constitutions, and so much of the king of England's proclamation in 1763 as relates to ...
With a clear title, there’s no doubt who the owner of the property is, or who can claim legal ownership of the property. To get a mortgage, lenders require a thorough title search of local ...
A good title consists of the combination of these three (possession, right of possession, and right of property) in the same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations. Otherwise, title to property would always be uncertain.
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 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.