What does accord and satisfaction mean?
Definitions for accord and satisfaction
ac·cord and sat·is·fac·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word accord and satisfaction.
Princeton's WordNet
accord and satisfactionnoun
the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt
ChatGPT
accord and satisfaction
Accord and satisfaction is a legal contract whereby two parties agree to discharge a claim or dispute, in which the parties concur to give and accept a specific term of resolution, often involving a payment or obligation, which may not be the same as the original agreement. The "accord" is the agreement of the new terms, while the "satisfaction" is the fulfillment or execution of the new agreement. Once this is fulfilled, the original claim or dispute is considered resolved.
Wikidata
Accord and satisfaction
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. The payment is typically less than what is owed and is not paid by the actual performance of the original obligation. The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement. If a person is sued over an alleged debt, that person bears the burden of proving the affirmative defense of accord and satisfaction.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of accord and satisfaction in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of accord and satisfaction in Pythagorean Numerology is: 1
Translations for accord and satisfaction
From our Multilingual Translation Dictionary
- согласие и удовлетворениеRussian
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"accord and satisfaction." Definitions.net. STANDS4 LLC, 2024. Web. 27 Apr. 2024. <https://www.definitions.net/definition/accord+and+satisfaction>.
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