The settlement of an obligation. An accord is an agreement made by a creditor to accept something different from - or less than - what was originally promised. Once the creditor accepts an accord, the obligation of the debtor is removed. Typically an accord and satisfaction occurs when the two parties are in dispute.
Related information about accord and satisfaction:
- Accord and satisfaction - Wikipedia, the free encyclopedia
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. The payment is typically less than what is owed and is ...
- Accord and Satisfaction - Legal Dictionary - The Free Dictionary
A method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement, the accord being ...
- Accord and satisfaction | LII / Legal Information Institute
Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the ...
- Accord And Satisfaction Definition | Investopedia
A legal contract whereby two parties agree to discharge a tort claim, contract or other liability for an amount or based on terms that differ from the original amount ...
- What is accord and satisfaction? definition and meaning
Definition of accord and satisfaction: Agreement between two parties to a contract , in which one party (which has a legal claim against the other) releases the ...
- Cashing a Check May Not be Accord and Satisfaction
By cashing the check, do you waive the right to the balance you believe you are owed?
- Accord and satisfaction: Definition from Answers.com
Payment of money or other valuable consideration (usually less than the amount owed) in exchange for extinguishment of a debt.
- Accord and Satisfaction - Accord and Satisfaction
Accord and satisfaction is defined as an agreement to discharge a claim whereby the parties agree to give and accept something, usually less than what is owed ...