Happy family

Find a legal form in minutes

Browse US Legal Forms’ largest database of 85k state and industry-specific legal forms.

Effect of Accord and Satisfaction; Executory Accord

There is an accord and satisfaction when an executory accord is fully performed, and the previously existing claim is discharged, extinguished, or barred.

As long as there has not been a justification for the creditor’s change of position due to the prospective nonperformance of accord, the executory accord may suspend the right to enforce the original obligation.

Furthermore, the validity of an antecedent claim does not affect the enforceability of an accord and satisfaction.  Thus, a valid accord and satisfaction renders a consideration of the defense of the statute of frauds or of any defense on the merits to items which were originally in dispute.

Inside Effect of Accord and Satisfaction; Executory Accord