- accord and satisfaction
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n.A means of ending a dispute by forming an agreement (the accord) that one party will pay the other some consideration (the satisfaction, often less than the amount originally agreed to) and that this will discharge any remaining obligation.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- accord and satisfaction
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the purchase of a release from an obligation, whether arising under contract or tort, by means of any valuable consideration, not being the actual performance of the obligation itself. The accord is the agreement by which the obligation is discharged. The satisfaction is the consideration that makes the agreement operative.
Collins dictionary of law. W. J. Stewart. 2001.
- accord and satisfaction
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An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.Category: Bankruptcy, Foreclosure & Debt → Debt & Collection AgenciesCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Bankruptcy, Foreclosure & Debt → BankruptcyCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- accord and satisfaction
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n. An accord that has been satisfied by the completion of the agreed upon payment or performance. The satisfaction (that is, completion) of the accord extinguishes the original obligation that the obligee was, or considered himself, entitled to. Once satisfied, the subject of the accord can never be raised in any future legal action.See also novation, settlement.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- accord and satisfaction
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A method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement, the accord being the agreement and the satisfaction its execution or performance, and it is a new contract substituted for an old contract which is thereby discharged, or for an obligation or cause of action which is settled, and must have all of the elements of a valid contract.
Dictionary from West's Encyclopedia of American Law. 2005.
- accord and satisfaction
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A method of discharging a claim whereby the parties agree to give and accept something in settlement of the claim and perform the agreement, the accord being the agreement and the satisfaction its execution or performance, and it is a new contract substituted for an old contract which is thereby discharged, or for an obligation or cause of action which is settled, and must have all of the elements of a valid contract.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- accord and satisfaction
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n.an agreement to accept less than is legally due in order to wrap up the matter. Once the accord and satisfaction is made and the amount paid (even though it is less than owed) the debt is wiped out since the new agreement (accord) and payment (the satisfaction) replaces the original obligation. It is often used by creditors as "a bird in the hand is worth two in the bush" practicality.See also: novation
Law dictionary. EdwART. 2013.
