|accord and satisfaction||1.39||1||5209||78|
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The doctrine of accord and satisfaction is based on contract principles. An accord and satisfaction is a contract and thus requires a meeting of the minds of the two parties before it is valid and binding.What does "accord and satisfaction" mean?
Accord And Satisfaction. DEFINITION of 'Accord And Satisfaction'. An accord and satisfaction is a legal contract whereby two parties agree to discharge a tort claim, contract or other liability for an amount or based on terms that differ from the original amount of the contract or claim.What is the definition of Accord and satisfaction?
The Definition. Accord and satisfaction is when two parties in a legal dispute agree to certain terms to settle the dispute and end it all together. The "accord" is the mutual agreement between the two, and the "satisfaction" is the carrying out or the execution of the agreement itself.Does accord and satisfaction apply to a dispute?
If an accord and satisfaction takes place in a contract dispute, the contract is considered fulfilled, so the debtor cannot be held to any other terms in the contract. The contract has served its purpose even though the terms were changed under the accord and satisfaction.