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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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