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LSDefine

Simple English definitions for legal terms

accord and satisfaction

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A quick definition of accord and satisfaction:

Accord and satisfaction is when two people agree to change what they originally promised to do for each other. They make a new agreement (called the accord) and when they both do what they agreed to do, the original promise is considered fulfilled (called the satisfaction). This is different from just changing the original promise because the original promise is not considered fulfilled until the new agreement is completed.

A more thorough explanation:

Accord and satisfaction is a legal term that refers to an agreement between two parties to accept a different performance to fulfill a pre-existing obligation. The new performance is called the accord, and the fulfillment of that agreement is called the satisfaction.

For example, let's say that John owes Jane $100 for a service she provided. However, John cannot pay the full amount at once. So, they agree that John will pay $50 now and the remaining $50 in two weeks. This agreement is the accord, and John's payment of $50 is the satisfaction.

An accord and satisfaction is different from a modification because a modification immediately discharges the pre-existing obligation, while an accord and satisfaction only discharges the obligation once the agreed-upon performance occurs.

One example of an accord and satisfaction case is the Rose Inn of Ithaca, Inc. v. Great American Ins. Co. In this case, the insurance company and the hotel had a dispute over the amount of coverage for damages caused by a storm. They eventually reached an accord where the insurance company would pay a certain amount, and the hotel would release any further claims. The payment was the satisfaction of the accord.

accord | account

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General chat about the legal profession.
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join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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