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Legal Dictionary Term: accord and satisfaction

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Legal Dictionary Term: accord and satisfaction


What is accord and satisfaction?

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.


Keywords for accord and satisfaction:

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accord and satisfaction Information

Date Approved: Apr 21, 2019

Viewed: 335 x

Last Viewed: Aug 17, 2022


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