Associated Builders, Inc. v. Coggins
Maine Supreme Judicial Court
722 A.2d 1278 (1999)
Associated Builders, Inc. (Associated) (plaintiff) and William and Benjamin Coggins (defendants) entered into an agreement resolving an outstanding debt that the Cogginses owed to Associated. Under the agreement, the Cogginses would pay $25,000 to Associated by a certain date, and another $25,000 by a later date. The agreement provided that if these payments were made, Associated would forfeit the remaining $20,000 that the Cogginses owed. The Cogginses made the first payment on time but delivered the second payment three days late. Associated sued for the forfeiture amount of $20,000. The Cogginses raised the affirmative defenses of accord and satisfaction, and waiver. The lower court granted the Cogginses’ motion for summary judgment, and Associated appealed.
Rule of Law
Holding and Reasoning (Dana, J.)
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