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State Laws on Accord and Satisfaction

Accord and satisfaction is a concept in contract law dealing with the purchase of a release from a debt obligation.  The accord is the agreement to discharge the obligation, and the satisfaction is the legal “consideration” which binds the parties to the agreement.  The negotiated payment is typically less than what is owed.  It is not paid by the actual performance of the original obligation.  In United States, some states have specific statutes explaining accord and satisfaction, while in other states, courts have defined the elements constituting accord and constitution.

Inside State Laws on Accord and Satisfaction