accord and satisfaction From: A Dictionary of Accounting | Date: 1999| Author: | © A Dictionary of Accounting 1999, originally published by Oxford University Press 1999. Copyright information

accord and satisfaction A device enabling one party to a contract to avoid an obligation that arises under the contract, provided that the other party agrees. The accord is the agreement by which the contractual obligation is discharged and the satisfaction is the consideration making the agreement legally operative. Such an agreement only discharges the contractual obligation if it is accompanied by consideration. For example, ...

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