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Agreement for Accord and Satisfaction of Undisputed Claim
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Agreement for Accord and Satisfaction of Undisputed Claim Powered By Docstoc
					           Agreement for Accord and Satisfaction of Undisputed Claim

Agreement made on the (date), between (Name of Creditor) of (street address, city,
state, zip code), referred to herein as Creditor, and (Name of Debtor), of (street
address, city, state, zip code), referred to herein as Debtor.

1.      Acknowledgment of Existing Obligation. The parties acknowledge that Debtor
is at present indebted to Creditor in the sum of $ _________ for (describe nature of
indebtedness, including description of contract under which indebtedness was incurred).

2.    Agreement for Different Method of Payment. Debtor and Creditor desire, and
they agree, to provide for payment of the above-stated indebtedness in accordance with
terms and provisions different from, and in substitution of, the terms and provisions for
payment of the same contained in the original contract described above in Section 1.

3.    Consideration. In consideration of the mutual promises contained in this
agreement, Debtor and Creditor agree as follows:
      A.    Method of Payment: Debtor agrees to 
				
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posted:1/2/2013
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Description: An accord and satisfaction is a new contract—a contract complete in itself, and as long as the basic requirements to form a contract are present, there is no reason to treat such agreement differently from other contracts which are binding. Generally, a valid accord and satisfaction requires four elements: • Proper subject matter; • Competent parties; • A meeting of the minds of the parties; and • Consideration.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),