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Accord And Satisfaction
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. A valid accord does not discharge the prior contract; instead it suspends the right to enforce it in accordance with the terms of the accord contract, in which satisfaction, or performance of the contract will discharge both contracts (the original and the accord). If the creditor breaches the accord, then the debtor will be able to bring up the existence of the accord in order to enjoin any action against him. If a person is sued over an alleged debt, that person bears the burden of proving the affirmative defense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more Party (law), parties. A contract typically involves consent to transfer of goods, Service (economics), services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek legal remedy, judicial remedies such as damages or equitable remedies such as specific performance or Rescission (contract law), rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that pacta sunt servanda, agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of #Principal, principal and interest. Loans, bond (finance), bonds, notes, and Mortgage loan, mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity (finance), equity. The term can also be used metaphorically to cover morality, moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. Etymology The English term "debt" was first used in the late 13th century and comes by way of Old French from the Latin verb ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of English law, English common law and is a necessity for simple contracts but not for special contracts (contracts by deed). The concept has been adopted by other common law jurisdictions. It is commonly referred to as one of the six or seven elements of a contract. The court in ''Currie v Misa'' declared consideration to be a "Right, Interest, Profit, Benefit, or Forbearance, Detriment, Loss, Responsibility". Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable if one is thereby surrendering a legal right. Consideration may be thought of as the concept of value offered and accepted by people or organisations entering into contracts. Anything of value promised by one party to the other when making a contract can be treate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Affirmative Defense
An affirmative defense to a civil lawsuit or criminal charge is a fact or set of facts other than those alleged by the plaintiff or prosecutor which, if proven by the defendant, defeats or mitigates the legal consequences of the defendant's otherwise unlawful conduct. In civil lawsuits, affirmative defenses include the statute of limitations, the statute of frauds, waiver, and other affirmative defenses such as, in the United States, those listed in Rule 8 (c) of the Federal Rules of Civil Procedure. In criminal prosecutions, examples of affirmative defenses are self defense, insanity, entrapment and the statute of limitations. Description In an affirmative defense, the defendant may concede that they committed the alleged acts, but they prove other facts which, under the law, either justify or excuse their otherwise wrongful actions, or otherwise overcomes the plaintiff's claim. In criminal law, an affirmative defense is sometimes called a justification or excuse defense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foakes V Beer
is an English contract law case, which applied the controversial pre-existing duty rule in the context of part payments of debts. It is a leading case from the House of Lords on the legal concept of consideration. It established the rule that prevents parties from discharging an obligation by part performance, affirming '' Pinnel's Case'' (1602) 5 Co Rep 117a. In that case it was said that "payment of a lesser sum on the day .e., on or after the due date of a money debtcannot be any satisfaction of the whole." Facts The appellant, Dr John Weston Foakes, owed the respondent, Julia Beer, a sum of £2,090 19s after a court judgment. Beer agreed that she would not take any action against Foakes for the amount owed if he would sign an agreement promising to pay an initial sum of £500 (£220,346.32 in 2024 adjusted for inflation) and pay £150 twice yearly until the whole amount was paid back. Foakes was in financial difficulty and, with the help of his solicitor, drew up an agree ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
D & C Builders Ltd V Rees
''D & C Builders Ltd v Rees'' 965EWCA Civ 3is a leading English contract law case on the issue of part payment of debt, estoppel, duress and just accord and satisfaction. Facts D & C Builders Ltd was a two man building firm run by Mr Donaldson and Mr Casey. They had done work for Mr Rees at 218 Brick Lane, London E1, coming to £732. Mr Rees had only paid £250. £482 was owing. D&C were facing bankruptcy if they were not paid. Mrs Rees phoned up to complain that the work was bad, and refused to pay more than £300. D&C reluctantly accepted and took a receipt marked 'in completion of account'. After that, they consulted their solicitors and sued for the balance. Judgement Tom Denning, Baron Denning, Lord Denning MR held that the doctrine of part payment of a debt not discharging the whole 'has come under heavy fire' but noted that estoppel, deriving from the principle laid down in '' Hughes v Metropolitan Railway Co.'', could give relief in equity. Although in his opinion part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pinnel's Case
''Pinnel's Case'' (1602) 5 Co Rep 117a, 77 ER 237, also known as ''Pinnel v Cole'', is an important case in English contract law, on the doctrine of part performance. Sir Edward Coke reported the case. The case is authority for the proposition a part payment of a debt could not extinguish the obligation to pay the whole. Facts Pinnel sued Cole, in an action of debt upon a bond, for the sum of £8 10s. The defendant, Cole, argued he had, at Pinnel's request, tendered £5 2s 2d before the debt was due, and the plaintiff had accepted in full satisfaction for the debt. Judgment The case reports the judgment as follows. ''Pinnel's case'' was applied by '' Foakes v Beer'' 884ref name=Foakes> and ''Jorden v Money'' 854 Commentary ''Pinnel's case'' concerned the doctrine of Accord and satisfaction, rather than Consideration. The judgement makes no reference to consideration; this may be because the action of assumpsit (for which consideration in the absence of a deed was requir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hirachand Punumchand V Temple
''Hirachand Punamchand v Temple'' 9112 KB 330 is often cited as one of the exceptions to the accord and satisfaction rule laid out in ''Foakes v Beer''. In that case, it is held that an agreement to accept part payment of a debt cannot validly discharge the entire debt. In Hirachand Punamchand v Temple, part payment of a debt is held to be valid because it is supplied by a third party and not the debtor (originally established in Cook v Lister (1863) 13 CBNS 543). Background The defendant, Lieutenant Temple had gotten indebted to money lenders (plaintiffs) issuing them a promissory note; after no money was forthcoming from Lieutenant Temple, the plaintiffs approached his father, Sir Richard Carnac Temple Sir Richard Carnac Temple, 2nd Baronet, (15 October 1850 – 3 March 1931) was an Indian-born British administrator and the Chief Commissioner#Colonial, Chief Commissioner of the Andaman and Nicobar Islands and an anthropology, anthropological wr ..., 2nd Baronet, and asked h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Part Performance
The Statute of Frauds ( 29 Cha. 2. c. 3) (1677) is an act of the Parliament of England. In its original form it required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and the subornation of perjury. It also required that documents of the courts be signed and dated. Today it is mostly repealed; only section 4 remains, which is about guarantors. History The attested date for the enactment of the Statute of Frauds is 16 April 1677 (New Style). The act is believed to have been primarily drafted by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins. When the Statute of Frauds was originally enacted, its sections and the clauses within section 4 were not numbered. Numbers where added when the act was republished in the ''Statutes at Large''. ''The Statute at Large'', Cambridge Edition published in 1770 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacob & Young, Inc
Jacob, later known as Israel, is a Hebrew patriarch of the Abrahamic religions. He first appears in the Torah, where he is described in the Book of Genesis as a son of Isaac and Rebecca. Accordingly, alongside his older fraternal twin brother Esau, Jacob's paternal grandparents are Abraham and Sarah and his maternal grandfather is Bethuel, whose wife is not mentioned. He is said to have bought Esau's birthright and, with his mother's help, deceived his aging father to bless him instead of Esau. Then, following a severe drought in his homeland Canaan, Jacob and his descendants migrated to neighbouring Egypt through the efforts of his son Joseph, who had become a confidant of the pharaoh. After dying in Egypt at the age of 147, he is supposed to have been buried in the Cave of Machpelah in Hebron. Per the Hebrew Bible, Jacob's progeny were beget by four women: his wives (and maternal cousins) Leah and Rachel; and his concubines Bilhah and Zilpah. His sons were, in order of their b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HBF Dalgety Ltd V Morton
''HBF Dalgety Ltd v Morton'' 9871 NZLR 411 is a leading case in New Zealand regarding accord and satisfaction; it reinforces the English case of ''Foakes v Beer is an English contract law case, which applied the controversial pre-existing duty rule in the context of part payments of debts. It is a leading case from the House of Lords on the legal concept of consideration. It established the rule that p ...'' in New Zealand. Facts HBF Dalgety, a real estate agency, sold on behalf of Mr Morton his farm, for which he was later charged the standard fee of $9,768.98. Two weeks after being invoiced this amount, Mr Morton sent back the invoice with the note attached of "my estimate of costs on a 'work done' basis, $2,450", and attached a cheque for $2,450, which was duly banked. HBF Dalgety then wrote a letter to Mr Morton saying they had not accepted his cheque as full settlement, and demanded he pay the balance of its fee of $7,318.98 ($13,645 in 2011 adjusted for inflation), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money Loan, borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of #Principal, principal and interest. Loans, bond (finance), bonds, notes, and Mortgage loan, mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity (finance), equity. The term can also be used metaphorically to cover morality, moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. Etymology The English term "debt" was first used in the late 13th century and comes by way of Old French from the Latin verb ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
