What is the primary purpose of an accord in satisfaction?
Accord and Satisfaction

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Business, Social Studies
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University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To create a new contract with the same terms
To resolve a dispute by replacing the old agreement
To increase the obligations of both parties
To terminate the existing contract without any replacement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an accord in satisfaction typically affect the exchange of value between parties?
It maintains the original value
It eliminates the need for any exchange of value
It increases the value exchanged
It results in a lesser exchange of value
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of an accord in satisfaction, what happens to the original agreement?
It remains in effect alongside the new agreement
It is modified to include new terms
It is completely replaced by the new agreement
It is nullified without any replacement
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the given example, what percentage of the payment amount do the parties agree to accept?
80%
90%
100%
70%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main reason parties might enter into an accord and satisfaction?
To add more parties to the agreement
To extend the duration of the contract
To increase the payment amount
To avoid litigation and resolve disputes amicably
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