If Someone Decides to Accept Less Than Full Payment to Settle

question 310

True/False

If someone decides to accept less than full payment to settle a debt, there is an accord and satisfaction.

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Definitions:

Capacity To Act

The legal ability of a person to enter into contracts and engage in binding agreements.

Agent To Do

Refers to an individual or entity appointed to act on behalf of another (the principal) in dealings with third parties, within the scope of authority granted by the principal.

Mutual Fiduciary Duties

Obligations between parties that require them to act in each other's best interests, often found in relationships like partnerships and between corporate directors and shareholders.

Agents And Principals

A relationship in which one party (the agent) is authorized to act on behalf of another (the principal) in dealings with third parties.