Accord and Satisfaction in United States
Practical Information
Note: Some of this information was last updated in 1982
Payment of money, or other consideration, usually less than the amount owed, to discharge an obligation or debt. The parties must have actually or impliedly agreed that the payment of the smaller sum will discharge the debt. It is an equitable remedy that must be pled as a bar to recovery in a subsequent lawsuit.
What is Accord And Satisfaction?
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Meaning of Accord and Satisfaction
In plain or simple terms, Accord and Satisfaction means: An agreement to give and take something to settle the claim.