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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 Florida, 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 is typically used when there is a disagreement about the performance of a contract or the amount of a debt. Under Florida law, for an accord and satisfaction to be valid, there must be a bona fide dispute between the parties, an offer of payment (the 'accord') that is accepted by the other party ('satisfaction'), and the acceptance must be with the intention of resolving the dispute. The new agreement effectively replaces the original obligation and, once fulfilled, prevents any further claims on the original terms. This principle is codified in Florida Statutes, specifically under Chapter 673 which deals with negotiable instruments, but it also applies broadly to other contractual disputes. It's important to note that the terms of the accord must be clearly communicated and voluntarily accepted by both parties for it to be enforceable.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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Contracts

accord and satisfaction

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