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:
“The theory of rights enables us to rise and overthrow obstacles, but not to found a strong and lasting accord between all the elements which compose the nation.”
—Giuseppe Mazzini (1805–1872)
“Well, at least I have the satisfaction of having destroyed a terrible monster, and in doing so rid the world of an awful curse.”
—Griffin Jay, and Harold Young. Stephen Banning (Dick Foran)