Business Law Essay Example | Topics and Well Written Essays - 250 words - 12

Business Law - Essay Example Meztista then offered a 50 percent share, based on the accounts, and Hylton accepted with a written reservation. Hylton has since filed a suit while Meztista claims that accord and acceptance relinquished rights to such claims. The legal position of the case lies in the legal principle of termination of a contract. Under termination by parties’ agreement, accord and satisfaction legally discharge parties of their obligations in a contract. Goldman and Sigismond define accord and satisfaction as a party’s decision to accept a lesser consideration to an original agreement followed by an actual execution of such acceptance. Accord and satisfaction therefore sets aside previous provisions of a contract (Goldman and Sigismond, p. 216, 217). The best argument for this case is that the parties’ obligations in the partnership were discharged by accord and satisfaction. Meztista is likely to win under this argument because Hylton relinquished legal rights by accepting the lesser payment to discharge the partnership