accord and satisfaction definition

accord and satisfaction

Agreement between two parties to a contract, in which one party (which has a legal claim against the other) releases the other party from its obligations in return for some form of compensation. The agreement is the 'accord,' and the compensation is the 'satisfaction.'

accord and satisfaction is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.

accord and satisfaction appears in the definitions of the following terms: satisfaction and discharge of contract

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