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

法律翻译李黎，毕业于欧洲顶尖的高级翻译学院，专注翻译各类与福利、薪酬及雇佣有关的法律文件。