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Form #844

General Forms of Compromises

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General Forms of Compromises - Free Legal Form

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General forms of compromises.

A defaulted in payments of _________ notes for $_____ each, one of which was due on _________[date], another on _________[date], and another on _________[date], all mentioned in a contract of lease and sale dated _________, made between A and B.

B, on _________[date], elected to terminate that contract as of _________[date] on account of the default.

A, on _________[date], paid several promissory notes in full together with all taxes due on _________ for year _________, and also an additional indebtedness to B of $_____, evidenced by past due promissory note of _________ with interest.

There is a controversy between A and B as to effect of such payment on the contract in which controversy A claims that _________[claims of A], and B claims that _________[claims of B].

By way of compromise and settlement of controversy, it is agreed that A shall pay to B $_____ to cover damages incurred by B other than _________ and will also pay h $_____ according to tenor and effect of _________ promissory notes of _________. In consideration of such payments B sets aside and annuls such defaults and restores contracts to status they would have occupied had no defaults occurred.



 
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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