Vermont Statutes Title 15 Sec. 1003
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Terms Used In Vermont Statutes Title 15 Sec. 1003
- Contract: A legal written agreement that becomes binding when signed.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
§ 1003. Instruments void
Any contract or instrument executed after July 1, 1974 within this State in payment, satisfaction, settlement, or compromise of any claim or cause of action abolished by this chapter, whether such claim or cause of action arose within or outside this State, is contrary to the public policy of this State and absolutely void. Nothing in this section shall affect the rights of parties to settle or compromise any suit duly begun or pending on July 1, 1974. (Added 1973, No. 198 (Adj. Sess.).)