Something legally sufficient must be given in exchange for a promise. This may be a promise of return, for example not to file an insolvency application and/or to provide security for the new obligation. If it is a service, this service can be an act or an abstention. Either way, it must be either legally harmful to the promise or legally beneficial to the promise. Legally disadvantageous is not always economically harmful. A person may suffer legal harm by doing or promising to do something for which he or she had no previous legal obligation, or by omitting or promising to refrain from doing something for which he or she had no previous legal obligation to refrain from doing so. However, other courts have concluded that, in the silence of the investment contract and in the absence of any illegality, the bad faith nature of an investment does not determine its existence or the jurisdiction of the courts.48 An important limitation of this general principle is that a promise to do what the promisor is already obliged to do is sufficient consideration when it comes to a good faith compromise of a contentious compromise. The allegation is that the promisor has a means under the contract. But the law is designed to prevent a party from gaining an unfair advantage by unscrupulously threatening to suspend contact execution by insisting that the claim is in good faith. Correspondence and satisfaction are different from liberation. A waiver is a waiver of a right that can be granted free of charge (free of charge) or for insufficient consideration, while an agreement and satisfaction is the performance of a debt or claim by accepting an agreed payment to provide full Holman v satisfaction.
Simborg, 152 Fig. App.3d 453, 456 (Ill. App. Ct. 1st Dist. 1987). Therefore, consideration is not an element required for release, but for agreement and satisfaction. According to the Uniform Commercial Code, U.C.C. § 3-311, if a person against whom a claim is made proves that: There may be controversy over the settlement of the claim on the basis of agreement and satisfaction if a counterclaim or set-off is claimed as partial payment of the liquidated and undisputed claim. An initially wound up claim will be dissolved if, as a result of a counterclaim or set-off, the amount actually due has been called into question between the parties. In these circumstances, agreement and satisfaction may result from the payment of an amount lower than the creditor`s claim, even if the amount does not exceed the balance due.
Thus, a liquidated claim owed to a creditor is not liquidated,” if the debtor asserts in good faith a counterclaim or contested set-off, and in such a case, agreement and satisfaction may result from the debtor paying an amount less than the creditor`s claim and not more than the amount that the debtor grants as due. In H.L. `Brownie` Choate, Inc. v. Southland Drilling Co., Inc., 441 S.W.2d 672 (Tex. Civ. App. San Antonio 1969), the plaintiff`s creditor, who was the defendant`s service provider, caused damage to the defendant`s drilling rig. In accordance with its previous practice, the defendant claimed the amount of damage by deducting it from the amount it owed to the plaintiff for the services provided. The applicant brought an action for recovery of the amount deducted. The court concluded that “. If the amount due was disputed and the debtor offered a cheque lower than the amount requested by the creditor, while expressing its intention that the cheque be offered in full settlement, the withholding and redemption of the cheque by the creditor was considered acceptance of the offer, and such an act on the part of the creditor was considered full satisfaction.
The court concluded that the plaintiff`s acceptance of a lower amount constitutes an agreement and satisfaction of the debts. The majority of courts follow this view, although there is a contrary authority. See B. Mifflin Hood Co. v. Lichter, 106 F. Supp. 220, 231 (D.
Tenn. 1950). (A contested counterclaim or additional claim does not result in the discharge of the principal debt if that principal obligation itself is not contested. Agreement and satisfaction in such cases would not apply.) The law of your own state must be reviewed by a competent attorney to determine what would be applicable. In the absence of such an intention, the partial payment serves only to relieve the amount paid and the creditor has the right to maintain an action for recovery of the balance of his claim. In order to determine the intention of the parties, it is necessary to examine the wording of the execution and release order in the light of the circumstances existing at the time of the transaction. (h) Where the Agency`s records do not contain sufficiently up-to-date credit information to support the assessment of a compromise proposal, such information may be obtained from the individual debtor by obtaining a statement made under penalty of perjury indicating the debtor`s assets and liabilities, revenues and expenses. Forms such as the Department of Justice Form OBD-500 or OBD-500B may be used for this purpose.
Similar data can be obtained from debtor companies using a form such as the Department of Justice`s Form OBD-500C or by using additional balance sheets and data that appear to be necessary. Samples of the Justice Department forms are available from NASA`s Office of the Attorney General. Neither a percentage of a debtor`s profits nor the shares of a debtor company are accepted as a compromise of a claim. When negotiating a compromise with a group of companies, consideration should be given to waiving the debtor`s tax loss deferral rights. Nevertheless, the principle of good faith is not unlimited and the arbitrators have refused to interpret it as follows: Conversely, some courts have concluded that the principle of good faith is of little use in deciding requests for fair and equitable treatment.63 It should also be noted that the two concepts do not always converge and that “a State may treat foreign investment unfairly and unfairly, without necessarily acting in bad faith.” 64 Similarly, some courts have held that a breach of the principle of good faith does not necessarily constitute a violation of fair and equitable treatment.65 The parties36 and the arbitrators37 are generally considered to have acted in good faith. Therefore, a high standard of proof is required to prove a violation of the principle of good faith.38 Some courts have even required proof of monstrous intent or intent.39 The fundamental element of a compromise is a controversial claim.[xi] So, to have an offer of compromise, there must be an offer to settle a dispute. For a compromise, it is essential that there be mutual concessions or the abandonment of opposing claims[xii]. (a) NASA designated officials (see §§ 1261.402 and 1261.403) may compromise claims for money or property arising out of the Agency`s operations if the claim, excluding interest, penalties and administrative costs, does not exceed $100,000 before such claims are referred to the Government Accountability Office or the Department of Justice for Litigation.
The Comptroller General may exercise this power of compromise with respect to claims submitted to the Office of Government Accountability before being referred for prosecution. Only the Comptroller General may compromise a claim resulting from an exception made by the Government Accountability Office on behalf of a responsible agent, including a claim against the beneficiary before it is transferred by the Government Accountability Office for Litigation. (c) A claim may be incurred under this section if NASA is unable to recover the full amount because the debtor is unable to pay the full amount within a reasonable time, or because the debtor refuses to settle the claim in full and the Government is unable to fully enforce the recovery within a reasonable time through proceedings of forced recovery. In determining the debtor`s insolvency or refusal to pay, the following factors may be taken into account, inter alia: the principle of good faith is considered to protect “reciprocity”10 and “legitimate expectations”11 in the performance of investment-related obligations (see United Nations General Assembly resolution 1803 (XVII) (1962)).