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 parties to the agreement.
If a person is sued over an alleged debt, that person bears the burden of proving the affirmative defense of accord and satisfaction.
Read more about Accord And Satisfaction: Illustration, Consideration, Accord As An Equitable Defense
Famous quotes containing the words accord and/or satisfaction:
“Increasingly in recent times we have come first to identify the remedy that is most agreeable, most convenient, most in accord with major pecuniary or political interest, the one that reflects our available faculty for action; then we move from the remedy so available or desired back to a cause to which that remedy is relevant.”
—John Kenneth Galbraith (b. 1908)
“Climbing is unadulterated hard labor. The only real pleasure is the satisfaction of going where no man has been before and where few can follow.”
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