Solicitors & Lawyers
Legal Meanings
Term: accord and satisfaction
1.
Accord and satisfaction is an agreement to release a party from an obligation usually for valuable consideration that does not include the performance the obligation itself. 'Accord' is a reference to the agreement; 'satisfaction' the consideration receives, which renders the agreement binding.
Usage: The parties reached accord and satisfaction in substitution to the performance of the contract and avoided escalating the dispute.
Related Words: contract; consideration; compromise agreement.
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