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Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.
Jul 3, 2024 · An accord and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The accord is the agreement on the new terms...
A 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.
Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the accord.
An accord and satisfaction is a substitute contract for settlement of a debt by some alternative other than full payment. The consideration for an accord is often the resolution of a disputed claim.
Accord and satisfaction is the purchase of a release from an obligation, whether arising under contract. To view the latest version of this document and millions of others like it, sign-in to LexisNexis or register for a free trial. EXISTING USER? SIGN IN CONTINUE READING. Halsbury's Laws Of England / Contract (Volume 22 (2019)) / 8.
Aug 4, 2022 · Generally, an “accord and satisfaction” is an agreement between two or more contracting parties to accept an alternate agreement and performance in lieu of a preexisting...
