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:
“Where might is mixed with wit, there is too good an accord in a government.”
—Elizabeth I (1533–1603)
“Through Plato Aristotle came to believe in God, but Plato never attempted to prove His reality. Aristotle had to do so. Plato contemplated Him; Aristotle produced arguments to demonstrate Him. Plato never defined Him, but Aristotle thought God through logically and concluded with entire satisfaction to himself that He was the Unmoved Mover.”
—Edith Hamilton (1867–1963)