Accord And Satisfaction at Legal Glossary What is it? An agreement to settle a contract dispute by accepting less than whats due.
Accord And Satisfaction
n. a mutual consent to discharge the obligation and fulfillment of the legal consideration which binds the parties to the agreement.
An accord and satisfaction differs from a modification in that a modification immediately discharges a preexisting duty, whereas an accord and satisfaction does not discharge a preexisting duty until the agreed upon, alternate performance occurs.
Accord and Satisfaction
A term of contract law by which one party, having complied with its obligation under a contract, ...
ACCORD AND SATISFACTION - An agreement between the parties whereby a claim or charge may be dismissed by the court upon a payment or other consideration given to the person injured.
accord and satisfaction - A method of discharging a claim upon agreement by the parties to give and accept something in settlement of the claim.
accused - The name for the defendant in a criminal case.
Accord and Satisfaction - Compromise and settlement. A way to discharge a claim whereby the parties agree to give and accept something in settlement of the claim that will replace the terms of the parties' original agreement.
See also: accord and satisfaction
The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications ...
Purchase
Purchaser
Accord and Satisfaction (business term)
Bona Fide Purchaser (BFP) (business term) ...
Expanded Legal Definition of AcceptanceAccord and Satisfaction The act of one party, having complied with its contractual obligation, ...
Accord and Satisfaction: A contract may be discharged if one party, who has complied with his part of the contract, accepts compensation from the other party instead of enforcing the contract.
It is somewhat like the accord and satisfaction of the common law. 16 Toull. n. 45 Poth. Vente, U. 601. Dation en paiement resembles in some respects the contract of sale; dare in solutum, est quasi vendere.
Accord and satisfaction. 3. Release. 4. Set off. 5. The rescission of the contracts. 6. Extinguishment. 7. Confusion, where the duty to pay and the right to receive unite in the same person. 8.
 See also: Accord, Action, Agreement, Law, Contra
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