|
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 defens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Law
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by 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 and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity. The term can also be used metaphorically to cover 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. The term "debt" comes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consideration
Consideration is a concept of 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. 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 treated as "consideration": for example, if A contracts to buy a car from B for $5,000, A's c ... [...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 (£52,615.38 in 2012 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 agreement ... [...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 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 payment of debt could ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pinnel's Case
''Pinnel's Case'' 6025 Co. Rep. 117a, also known as ''Penny v Cole'', is an important case in English contract law, on the doctrine of part performance. In it, Sir Edward Coke opined that 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. (KahuroSam 2021) Judgment The case reports the judgment as follows. ''Pinnel's case'' was followed by ''Foakes v Beer'' 884ref name=Foakes> and ''Jorden v Money'' 854 Exceptions to the rule in Pinnel's Case The case law has evolved over the years to create a number of exceptions to the rule in Pinnel's case. The exceptions to the rule in Pinnel's case include: * Payment accompanied by fresh consideration; * Prepayment of debt at the creditor's request; * Payment of a l ... [...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 Richard is a male given name. It originates, via Old French, from Old Frankish and is a compound of the words descending from Proto-Germanic ''*rīk-'' 'ruler, leader, king' and ''*hardu-'' 'strong, brave, hardy', and it therefore means 'str ..., 2nd Baronet, and asked ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Part Performance
The Statute of Frauds (29 Car 2 c 3) (1677) was an Act of the Parliament of England. 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 subornation of perjury. It also required that documents of the courts be signed and dated. 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 divided the Act into 25 sections. The section on the sale of goods was section 17. In ''The Statutes of the Realm'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacob & Young, Inc
Jacob (; ; ar, يَعْقُوب, Yaʿqūb; gr, Ἰακώβ, Iakṓb), later given the name Israel, is regarded as a patriarch of the Israelites and is an important figure in Abrahamic religions, such as Judaism, Christianity, and Islam. Jacob first appears in the Book of Genesis, where he is described as the son of Isaac and Rebecca, and the grandson of Abraham, Sarah, and Bethuel. According to the biblical account, he was the second-born of Isaac's children, the elder being Jacob's fraternal twin brother, Esau. Jacob is said to have bought Esau's birthright and, with his mother's help, deceived his aging father to bless him instead of Esau. Later in the narrative, following a severe drought in his homeland of Canaan, Jacob and his descendants, with the help of his son Joseph (who had become a confidant of the pharaoh), moved to Egypt where Jacob died at the age of 147. He is supposed to have been buried in the Cave of Machpelah. Jacob had twelve sons through four women, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by 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 and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity. The term can also be used metaphorically to cover 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. The term "debt" comes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
