Babylon 10
The world's best online dictionary

Download it's free

Definition of Accord and satisfaction

Babylon English

agreement whereby both sides waive part of their claims (Law)
Accord and satisfaction Definition from Language, Idioms & Slang Dictionaries & Glossaries
WordNet 2.0

Noun
1. the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt
(hypernym) settlement
Accord and satisfaction Definition from Sports Dictionaries & Glossaries
maritime&shipping&trade
A means of discharging a contract or cause of action by which the parties agree (the accord) to alter their obligations and then perform (the satisfaction) the new obligations.
Accord and satisfaction Definition from Law Dictionaries & Glossaries
Duhaime.org Legal Dictionary
A term of contract law by which one party, having complied with its obligation under a contract, accepts some type of compensation from the other party (usually money and of a lesser value) in lieu of enforcing the contract and holding the other party to their obligation. - (read more on Accord and Satisfaction)
  
2008 Duhaime.org. All rights reserved.
Accord and satisfaction Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. The payment is typically less than the amount owed and is not paid by the actual performance of the original obligation. The accord is the agreement to discharge the obligation and the satisfaction is the legal "consideration" which binds the parties to the agreement.

See more at Wikipedia.org...
© This article uses material from Wikipedia® and is licensed under the GNU Free Documentation License and under the Creative Commons Attribution-ShareAlike License