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accord and satisfaction

Accord and satisfaction is an enforceable agreement in which the parties agree to discharge a contract, claim, or obligation on terms that differ from the original terms of the contract, claim, or obligation.

In Alaska, accord and satisfaction is a legal concept that allows parties to settle a dispute by agreeing to terms that are different from the original contract or obligation. This agreement must be voluntary and made by competent parties. To be enforceable, the new agreement (the 'accord') must be supported by consideration, which means that something of value must be exchanged. Once the terms of the accord are fulfilled (the 'satisfaction'), the original obligation is considered settled, and the debtor is released from further liability. This principle is recognized under Alaska law and is often used in cases where there is a dispute over the amount owed or the performance due under a contract. It is important to note that the accord and satisfaction must be clearly established and agreed upon by all parties involved to be legally binding.

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Contracts

accord and satisfaction

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Alaska State Code

Alaska State Code

Contracts

accord and satisfaction

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