accord and satisfaction

accord and satisfaction. An agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance. • The new agreement is called the accord, and the discharge is called the satisfaction. Cf. COMPROMISE; NOVATION; SETTLEMENT(2), (3). [Cases: Accord and Satisfaction

1. C.J.S. Accord and Satisfaction §§ 2–17, 25–33.]

“ ‘Accord and satisfaction’ means an agreement between the parties that something shall be given to, or done for, the person who has the right of action, in satisfaction of the cause of action. There must be not only agreement (‘accord’) but also consideration (‘satisfaction’). Such an arrangement is really one of substituted performance.” 1 E.W. Chance, Principles of Mercantile Law 101 (P.W. French ed., 13th ed. 1950).

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词条贡献者

译者黎川，毕业于世界顶级翻译学院，擅长翻译各种与专利与技术诉讼相关的法律文件。