Satisfaction – the giving of something with the intention, express or implied, to substitute the specified performance, in order to extinguish the existing legal or moral obligation

satisfaction:
n. (14c.)

1. The giving of something with the intention, express or implied, that it is to extinguish some existing legal or moral obligation.  Satisfaction differs from performance because it is always something given as a substitute for or equivalent of something else, while performance is the identical thing promised to be done. — aka satisfaction of debt.

2. The fulfillment of an obligation; especially, the payment in full of a debt.satisfy, vb. [1]

1. The discharge of an obligation; the payment of a debt.  A fulfillment of needs.  A performance of the terms of an accord.  Harrison v Henderson, 67 Kan 194, 72 P 875. [2]

1. The discharge of an obligation by the payment of a debt. 

2. The performance of a contract according to its terms.

3. The act of satisfying.

4. A fulfillment of needs. [3]

     Excerpt from R.E. Megarry’s Snell’s principles of Equity (23d ed. 1947):

     “Satisfaction closely resembles performance. Both
depend upon presumed intention to carry out an obligation, but in satisfaction the thing done is something different from the thing agreed to be done, whereas in performance the identical act which the party contracted to do is considered to have been done.  The cases on satisfaction are usually grouped under four heads, namely,

1.) satisfaction of debts by legacies
2.) satisfaction of legacies by legacies
3.) satisfaction (or
ademption) of legacies by portions 4.) satisfaction of portion-

debts by legacies, or by portions.

Strictly, however, only the first and last of these heads are really cases of satisfaction; for satisfaction presupposes an obligation, which, of course, does not exist in the case of a legacy in the will of a living person. [4]

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

[4]: R.E. Megarry, Snell’s principles of Equity 226-27 (23d ed. 1947).

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