Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

accord and satisfaction

Read a random definition: ferae naturae

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
babycat
16:00
@shaquilleoatmeal: I’ll stop by just for you. I gotta grind out some of my last essays tn.
shaquilleoatmeal
16:02
@soyalmondoatmilk: im weak af, can't handle that spicy cashew lmao
shaquilleoatmeal
16:03
@babycat: 😘 see you in a bit, grind out those essays before you hop back on
shaquilleoatmeal
16:04
appreciate the non wink since you didn't appreciate it them then lol
babycat
16:06
I'll do it for you ;)
16:06
Tough to justify attending a law school where the admissions office does epic resistance political commentary at the info session
BulbasaurNoLikeCardio
16:07
making me feel jealous here wow, I am about to go taste test a bunch of deserts for our baby shower this weekend.
BulbasaurNoLikeCardio
16:07
@milktoast: what school got political at an info session?
shaquilleoatmeal
16:11
nothin to be jealous about, i've been trying to slide into babycats dms but shes got a long line I guess I gotta wait in to see if I can get in lmao
babycat
16:11
omg if you get into ASU they give you travel expense reimbursement to go there for a visit. does anyone know which other schools do this? I'd love to get a comped vacation
shaquilleoatmeal
16:12
think BU gives you $300 or somethin
ClassyPleasantHeron
16:12
Where is ASU getting this kind of $$$ from? They waive CAS fees too.
babycat
16:13
@shaquilleoatmeal: yeah but then you have to go to Boston :(
shaquilleoatmeal
16:14
uva too
shaquilleoatmeal
16:14
whats wrong w boston ;(
GOT PROMOTED YAY how do i tell law schools abt this?
like do i type up and separate doc and send as an attachment? how much do i write?
shaquilleoatmeal
16:15
@jackfrost11770: LFGGGG
TYYYYYY
shaquilleoatmeal
16:16
do any of your schools have updated sections in the portal? If so, i'd upload there, if not email. Small paragraph should do it id think
1a2b3c4d26z
16:16
Who wanna play some operation metro later on
1a2b3c4d26z
16:16
Congrats jack!
thank you!!
babycat
16:16
@jackfrost11770: personally I would submit an updated resume reflecting the new position instead of a paragraph but idk what SOP is
getting a bacon egg and cheese in celebration
1a2b3c4d26z
16:18
lfg baby you earned that
babycat
16:20
also congrats!! big win
initiallaw
16:23
congrats!!
:D
the big W is that i get reimbursed for travel now thank GOD
LSD+ is ad-free, with DMs, discounts, case briefs & more.