Common Contracts
1 similar Accord and Satisfaction contracts
Accord and satisfaction legal definitionAccord and Satisfaction • November 21st, 2021
See also agreement. An agreement of a contractual dispute in which the creditor accepts a lower sum due to a debtor to meet all debtor’s obligations as if the entire amount or value had been provided on the basis of the contract. Often used by creditors to limit losses and recover a certain amount, even very reduced, from a debtor in difficulty. Dictionary of the law – Alternative legal definition An agreement between two persons, one of which has the right to act against the other, that the latter should do or give, and the first accepts, in satisfaction of the right to act, something different, and usually less, from what could be legally enforced. When the agreement is executed, and satisfaction has been made, it is called “agreement and satisfaction”. Rogers v. Spokane, 9 Wash. 168, 37 Pac. 300; Davis v. Noaks, 3 J.J. Marsh. 494. The agreement and satisfaction is the replacement of another agreement between the parties in satisfaction of the first, and the execution of the second a
