Accord and Satisfaction
Legal Definition and Related Resources of Accord And Satisfaction
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Meanings, Synonyms, Etymology, Translations and More
Meaning of Accord And Satisfaction
An agreement between two persons, one of whom has a right of action against the other , that the latter should do or give and the former accept something in satisfaction of the right of action. The agreement is the accord and the satisfaction is the consideration for same. See Fairchild v Mathews, 415 P.2d 43, 91 Idaho I. Essential elements of effective accord and satisfaction are proper subject matter, competent parties , meeting of minds of parties and consideration, and most common pattern is mutual agreement by which one party pays or performs and the other accepts payment or performance in satisfaction of claim or demand which is in bona fide dispute. Brock & Blevins Co. v U.S., 343 F.2d 951, 170 Ct.Cl. 52.
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Accord and Satisfaction Legal Definition
An agreement to give and take something to settle the claim.
See also
Payment of money, or other consideration, usually less than the amount owed,... (Read more)
Concept of Accord And Satisfaction in the context of Real Property
A short definition of Accord And Satisfaction: The agreement (accord) and acceptance (satisfaction) by creditors of less than the full amount owing on a debt.
Concept of Accord And Satisfaction in the context of Real Property
A short definition of Accord And Satisfaction: The agreement (accord) and acceptance (satisfaction) by creditors of less than the full amount owing on a debt.
Meaning of Accord and Satisfaction
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See Also
Compromise; Novation; Settlement,
Accord
Satisfaction