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Under most state law, a valid and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.
What is and satisfaction in simple terms?
and satisfaction occurs when there is an agreement ( ) between two parties (an obligor and an obligee ) for alternative performance to discharge a pre-existing duty , and the obligor subsequently completes such performance ( satisfaction ).
What to write on a check for and satisfaction?
The check must have a clear and noticeable statement that the check is offered in full satisfaction of the debt before an and satisfaction may be established. The statement must be conspicuous so that a reasonable person either noticed it or should have noticed it.
What is the and satisfaction in Georgia?
Code 13-4-101. and satisfaction occurs where the parties to an agreement, by a subsequent agreement, have satisfied the former agreement, and the latter agreement has been executed.
What is an example of discharge by and satisfaction?
The satisfaction of an discharges both the and the original contractual duty. That is to say, if Thelma gives Louise her beach house and Louise accepts it, the is satisfied and so is Thelmas original duty to pay Louise $100,000.
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