Accord and satisfaction: Encyclopedia - Accord and satisfaction

Accord and satisfaction

Accord and satisfaction is 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 they bear the burden of proving the affirmative defense of accord and satisfaction Affirmative defense.

See also

• Foakes v. Beer - an old leading case on the exception of accord and satisfaction
• Part performance - related legal concept

Adapted from the Wikipedia article "Accord and satisfaction", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki