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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 Maine, accord and satisfaction is recognized as a legal means to settle a dispute where the parties agree to new terms that differ from the original contract. This agreement allows the parties to discharge the original obligation. For accord and satisfaction to be valid, there must be a bona fide dispute between the parties regarding the obligation, an offer of payment (the accord) that is accepted by the other party, and the performance of the new agreement (the satisfaction). Once the satisfaction is completed, the original contract or claim is considered settled, and no further claims can be made based on the original terms. This principle is governed by both Maine state law and the Uniform Commercial Code (UCC) when it involves the settlement of commercial transactions.

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Contracts

accord and satisfaction

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Contracts

accord and satisfaction

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