An agreement and satisfaction can be obtained, with the owner agreeing to pay $3000; He or she gets a discount on the price of the kitchen in return for a poorly constructed kitchen and waives his or her right of appeal. The contractor pays US$5000 to avoid being sued by the owner and gives him the right to sue the US$8000. Both sides give up somewhat to limit their liability downwards. In the absence of such an intention, the partial payment will only serve to reduce the amount paid and the creditor is entitled to maintain an action for recovery of the balance of his claim. In order to determine the intention of the parties, it is necessary to examine the language of the order of satisfaction and release in the light of the circumstances that exist at the time of the transaction. However, acceptance of a cheque or project constitutes an agreement and satisfaction when a cheque or project is offered pursuant to a settlement or renewal agreement between a debtor and its creditors, all creditors in the same class receive similar treatment, and the creditor receives the cheque or project with limited knowledge. Just because an agreement is reached does not mean that the original contract is rejected. The original contract is still in force, but it is suspended provided that the contractual contract meets its conditions. If the Agreement is complied with, both this Agreement and the original Contract shall be deemed to be fulfilled. Whether or not an agreement replaces the old contract is usually a matter of the intention of the parties when they entered into the agreement. An Agreement is an agreement in which a party to an existing contract accepts a performance other than the performance to which it is entitled under the first contract. For example: Search: `Accord and satisfaction` at Oxford Reference.
In an agreement contract, it is typical that the consideration provided is less than what was agreed in the original contract. In the case of contracts that require a lower consideration than the original, the consideration must be of another type, for example.B. instead of the money, the debtor offers a car or a boat. Satisfaction is the performance of the agreement by the promiser, so that if the agreement is respected, the agreement has been respected. So if Thelma Louise actually gives the beach house and Louise accepts the beach house to pay Thelma`s debt, there will be satisfaction with her agreement.