Accord and satisfaction

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 not paid by the actual performance of the original obligation.

accord and satisfaction
legal term for payment in full toward discharge of an obligation; the satisfactory completion of an agreement and acceptance of payment. When a new contract is accepted in place of an expiring one, it is a novation .

ACCORD AND SATISFACTION - The settlement of an obligation. An accord is an agreement by a creditor to a...
ACCOUNT - In the context of bookkeeping, refers to the ledger pages upon which various assets, liabilit...

Accord And Satisfaction
A means of discharging a claim whereby the parties agree to give and accept something in settlement and perform the agreement, the agreement being the "accord" and its performance "the satisfaction."
Account Number ...

Accord And Satisfaction
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 of the contract or claim.

[CFTC] accord and satisfaction A means of discharging a contract or cause of action by which the parties agree (the accord) to alter their obligations and then perform (the satisfaction) the new obligations.

See also: Fraud, Banks, Bills, Absolute advantage, Compensation