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An Agreement To Pay A Lesser Amount
The document then contains the main features of the agreement between the parties, including the amount originally due, the new amount that the debtor will pay to the creditor, how the repayment will take place and the deadline by which the debtor will finalize the creditor`s repayment. Finally, the document may contain optional details about the agreement, for example. B parties who undertake not to sue each other or to keep the details of their agreement confidential. In the absence of such an intention, the partial payment will only serve to reduce the amount paid and the creditor is entitled 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 language of the order of satisfaction and release in the light of the circumstances that exist at the time of the transaction. If the parties intend that a new agreement, although in execution only, immediately complies with the existing obligation, such an agreement is called a replacement agreement. In situations where “. full performance of the revised contractual conditions is necessary to remove or satisfy the rights arising from an old contract; the revised contract is called performance agreement and satisfaction, while, in cases where the reciprocal commitments are held by themselves in a revised contract in order to satisfy all the requirements arising from the old contract; the revised contract is called a replacement contract. Community Builders v. Indian Motorcycle Assocs., 44 Mass. App.
Ct. 537 (mass. App. Ct. 1998). According to the mandatory legal rule, the payment by the debtor of a lower amount is not a counterpart to the promise to accept the money in full, since the debtor only does what he has of legal obligation in case of payment of a sum of money lower than the creditor. As a result, after the debtor has paid the lowest amount, the creditor can sue the rest of the money, despite the agreement to accept less money in full compliance with the debtor`s obligation. AMOUNT OF THE STATEMENT.
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