Asked by J. Michael Berner on May 03, 2024
Verified
A(n) ________ is an acceptance of an agreement not to sue supported by consideration,which terminates one's right to continue any lawsuit,presently or in the future,on grounds described in the agreement.
A) accord and satisfaction
B) release
C) option
D) promissory estoppel
Accord and Satisfaction
A legal agreement whereby disputes are settled by the parties agreeing to accept something different from what was originally expected.
Release
An agreement where one party agrees to relinquish any claims, demands, or potential legal action against another party, often in return for compensation.
- Identify the components that constitute a legitimate discharge, and accord and satisfaction within contract agreements.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
B
Explanation :
A release is a legal agreement that terminates one's right to pursue a lawsuit, usually in exchange for some form of consideration or compensation. An accord and satisfaction is a type of contract where parties agree to settle a debt or dispute, but it doesn't necessarily involve a lawsuit. An option is a contract that gives one party the right to buy or sell an asset at a specific price and time, and promissory estoppel is a legal doctrine that prevents a person from going back on a promise if the other party acted on that promise to their detriment.
Learning Objectives
- Identify the components that constitute a legitimate discharge, and accord and satisfaction within contract agreements.