Asked by Michelle Bradley on Jul 13, 2024
Verified
If a debt is liquidated, an accord and satisfaction cannot take place.
Liquidated Debt
A debt that is due and certain in amount.
Accord And Satisfaction
A negotiated agreement and payment between parties in a dispute, where payment is accepted as full resolution.
- Identify the legal consequences of contracts without consideration, including accord and satisfaction.
Verified Answer
HA
Hamda AhmedJul 19, 2024
Final Answer :
True
Explanation :
An accord and satisfaction is a legal agreement to settle a debt for less than the amount owed, and it cannot occur if the debt has already been fully paid off or liquidated.
Learning Objectives
- Identify the legal consequences of contracts without consideration, including accord and satisfaction.