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Accord And Satisfaction
A legal contract whereby two parties agree to discharge a tort claim, contract, or disputed claim by an agreement (the accord) and payment (the satisfaction) that differs from the original agreement.
Liquidated Debt
A fixed and settled debt amount that is acknowledged by both the debtor and the creditor.
Preexisting Duty
A legal principle that states a promise to do something that one is already legally obligated to do is not sufficient consideration for a new contract.
Unilateral Contract
A promise made by one party in exchange for the performance of a task or action by another party.
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