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. The accord is the agreement to discharge the obligation and the satisfaction is the legal `consideration` which binds the.....
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http://en.wikipedia.org/wiki/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
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http://jec.unm.edu/manuals-resources/glossary-of-legal-terms
n. a mutual consent to discharge the obligation and fulfillment of the legal consideration which binds the parties to the agreement. Lke for example, a satisfaction agreed upon between the party injuring and the party injured, between a debtor and payee.
Found on
http://www.encyclo.co.uk/local/21213
Method of discharging a claim whereby parties agree to give and accept something in settlement of claim. The new agreement is called the accord. The satisfaction is the action performed to settle the claim.
Found on
http://www.pacourts.us/learn/legal-glossary
Accord and satisfaction is a business device enabling one party to a contract to avoid an obligation that arises under the contract, provided that the other party agrees. The accord is the agreement by which the contractual obligation is discharged and the satisfaction is the consideration making the agreement legally operative. Such an agreement o...
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http://www.probertencyclopaedia.com/browse/JA.HTM
[
n] - the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt
Found on
http://www.webdictionary.co.uk/definition.php?query=accord%20and%20satisfac
noun the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt
Found on
https://www.encyclo.co.uk/local/20974
No exact match found.
