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)
“Moral laws are set as a curb and restraint to these exorbitant desires, which they cannot be but by rewards and punishments, that will over-balance the satisfaction any one shall propose to himself in the breach of the law.”
—John Locke (1632–1704)