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Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
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), which Mr Morton subsequently refused to pay, claiming accord and satisfaction.
In these circumstances there was no true accord so as to found a defence of accord and satisfaction: see Day v McLea. [7] There is also no equity in the defendant to warrant any departure from the due course of law. No person can insist on a settlement procured by intimidation.
accord and satisfaction Haines House Haulage Co Ltd v Gamble [1989] 3 NZLR 221 is an often cited case in New Zealand , where a creditor banked a cheque tendered as "full and final settlement" of an account and was later unsuccessful at claiming the balance from the debtor.
HSBC will pay a record $1.92 billion to the U.S. Department of Justice to settle a long-running investigation into its lack of compliance with money laundering laws and economic sanctions, the ...
It is separate from JPMorgan's $13 billion settlement with regulators in November 2013 over mortgage securities sales. The latest accord resolves claims that Bear violated federal securities laws ...
From January 2008 to December 2012, if you bought shares in companies when William P. Fricks joined the board, and sold them when he left, you would have a -21.9 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
From January 2008 to December 2012, if you bought shares in companies when Michele J. Hooper joined the board, and sold them when she left, you would have a -5.2 percent return on your investment, compared to a -2.8 percent return from the S&P 500.