Formation of Contract; Offer and Acceptance
An accord may be an express agreement or it may be implied from the circumstances surrounding the transaction. An accord and satisfaction need not be in writing.
A mutual assent or agreement or a meeting of the minds is required for a valid accord and satisfaction between two parties. The thing agreed to be given or done in satisfaction must be offered and intended by the debtor as full satisfaction, and accepted as such by the creditor. There will not be accord and satisfaction where there is no agreement to settle all matters in dispute.
Formation of Contract; Offer and Acceptance: Related Pages
- Debtor’s Offer
- Creditor’s Acceptance
- Creditor’s Cashing of Check Offered in Full Satisfaction as Acceptance
- Uniform Commercial Code
- Certification of Check as Acceptance
- Retention of Check as Acceptance
- What Constitutes Unreasonable Period of Retention
- Part Payment by Agent or Fiduciary
- Qualified Acceptance or Protest by Creditor
- Effect of Fraud, Mistake, Duress
- Necessity of Tender Back of Amount Received
- Multiple Claims Between Parties