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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).
Texas two-step proponents, like Johnson & Johnson and its lawyers, have argued that Texas two-steps are not inherently bad-faith, and that in the context of mass-tort litigation bankruptcy is fairest way to address large numbers of personal injury claims. Unlike in traditional courts hearing cases brought by many different people, bankruptcies ...
The House voted for discharge 26 times and passed 19 of the measures, but only two have become law. [3] However, the threat of a discharge petition has caused the leadership to relent several times; such petitions are dropped only because the leadership allowed the bill to move forward, rendering the petition superfluous.
Under certain circumstances, the court has the power to revoke a discharge. For example, when a trustee, creditor, or the U.S. trustee appeals the discharge based on the debtor's fraudulent activity, failure to disclose property that would belong to the bankruptcy estate, or failure to provide information during an audit.
Frustration of purpose, in law, is a defense to enforcement of a contract.Frustration of purpose occurs when an unforeseen event undermines a party's principal purpose for entering into a contract such that the performance of the contract is radically different from performance of the contract that was originally contemplated by both parties, and both parties knew of the principal purpose at ...
The Constitution of Texas is the foremost source of state law. Legislation is enacted by the Texas Legislature, published in the General and Special Laws, and codified in the Texas Statutes. State agencies publish regulations (sometimes called administrative law) in the Texas Register, which are in turn codified in the Texas Administrative Code.
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The doctrine of impracticability in the common law of contracts excuses performance of a duty, where the said duty has become unfeasibly difficult or expensive for the party who was to perform. Impracticability is similar in some respects to the doctrine of impossibility because it is triggered by the occurrence of a condition which prevents ...