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Definitions:

Valid Obligation

A legally binding duty or commitment that is enforceable under the law.

Previous

Referring to something occurring before the current point in time or the item immediately before another in order or sequence.

Accord And Satisfaction

A contract law concept where a dispute is settled by an agreement (accord) and the subsequent payment (satisfaction), which discharges the original contractual obligation.

Mutual Agreement

A consensus or accord reached between two or more parties on a matter, often formalized through a contract or verbal understanding.

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