Q&As

Is a settlement agreement in the form of a letter signed on behalf of both parties sufficient to terminate a sale contract?

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Published on LexisPSL on 31/07/2017

The following Property Q&A provides comprehensive and up to date legal information covering:

  • Is a settlement agreement in the form of a letter signed on behalf of both parties sufficient to terminate a sale contract?
  • Total discharge—accord and satisfaction
  • Accord

Is a settlement agreement in the form of a letter signed on behalf of both parties sufficient to terminate a sale contract?

A contract may be wholly discharged by agreement as follows:

  1. where one party releases the other from its obligations by deed (release)

  2. the parties agree to compromise a contractual claim on agreed terms (accord and satisfaction)

  3. an executory agreement is rescinded by mutual agreement (rescission)

  4. contract expressly provides parties with option to terminate in specified circumstances (contractual termination)

Total discharge—accord and satisfaction

This form of discharge therefore

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