{"id":11017,"date":"2017-12-17T20:10:01","date_gmt":"2017-12-17T20:10:01","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11017"},"modified":"2017-12-17T20:10:01","modified_gmt":"2017-12-17T20:10:01","slug":"accord-and-satisfaction-an-agreement-accord-to-substitute-for-an-existing-debt-some-alternative-form-of-discharging-that-debt-coupled-with-the-actual-discharge-of-the-debt-by-the-substituted-perf","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11017","title":{"rendered":"Accord and Satisfaction – an agreement (accord) to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance (satisfaction)"},"content":{"rendered":"

accord and satisfaction<\/span>:<\/span><\/strong>
\n(18c.)<\/span><\/p>\n

1. An agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance. The new agreement is called the accord, & the discharge is called the satisfaction.<\/strong> [1]<\/span><\/p>\n

1. An executed agreement of accord.\u00a0 1 Am J2d Accord \u00a7 1<\/span>.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 In order to be a satisfaction there must be an accord or agreement to accept in extinction of the obligation something different from or less than that which the creditor is claiming or is entitled to.\u00a0 The acceptance of the consideration of an accord satisfies the obligation.\u00a0 Homewood Dairy Products Co. v Robinson<\/em>, 254 Ala 197, 48 So 2d 28, 22 ALR2d 1059<\/span>.<\/strong> [2]<\/span><\/p>\n

1. An agreement between two persons, one of whom has a cause of action against the other, in which the claimant accepts a compromise in full satisfaction of his claim.<\/strong> [3]<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0 Excerpt from E.W. Chance’s Principles of Mercantile Law<\/em><\/a> (P.W. French ed. 1950):<\/strong><\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0 \u201c‘Accord & satisfaction’ means an agreement between<\/span><\/span><\/strong>
\nthe parties that something shall be given to, or done for, the <\/span>person who has the right of action, in satisfaction of the cause <\/span>of action.\u00a0 There must be not only agreement (‘accord’) but also <\/span>consideration (‘satisfaction’).\u00a0 Such an arrangement is really <\/span><\/strong><\/span>one of substituted performance.<\/span>\u201d<\/strong> [4]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

[1]: Black\u2019s Law <\/a>Dictionary\u00a0<\/a>Deluxe<\/a><\/em> Tenth<\/a><\/em> Edition<\/a><\/em>\u00a0by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law <\/a><\/span><\/strong>Dictionary\u00a0<\/b><\/span><\/a><\/strong>with<\/b><\/span><\/a><\/em> Pronunciations<\/b><\/span><\/a><\/em>
\n<\/span><\/a><\/em>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine\u2019s Law <\/a><\/span><\/strong>Dictionary\u00a0<\/b><\/span><\/a><\/strong>Legal<\/b><\/span><\/a><\/em> Assistant<\/b><\/span><\/a><\/em> Edition<\/b><\/span><\/a><\/em>\u00a0<\/span><\/em>by<\/b><\/span><\/strong> Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

[4]: 1 E.W. Chance, Principles of Mercantile Law<\/em><\/a> 101 (P.W.<\/span><\/strong>
\nFrench ed. 1950)<\/span><\/strong><\/p>\n

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