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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 Mississippi, accord and satisfaction is recognized as a method to discharge a contract or settle a dispute by agreeing to provide and accept performance that differs from the original obligation. This legal principle is typically used when a debtor offers to pay a lesser amount than what is owed, and the creditor accepts this payment as full satisfaction of the debt. The new agreement, the 'accord,' and the performance of it, the 'satisfaction,' must be clearly agreed upon by all parties involved. The satisfaction must occur to complete the accord and satisfaction, and once it does, the original obligation is considered settled. Mississippi follows the Uniform Commercial Code (UCC) for accord and satisfaction in commercial transactions involving negotiable instruments, which is codified in Mississippi Code Annotated § 75-3-311. For non-commercial transactions, the common law of Mississippi governs the enforceability of an accord and satisfaction, which requires a meeting of the minds, consideration, and a mutual intent to discharge the original obligation.

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Contracts

accord and satisfaction

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Mississippi State Code

Mississippi State Code

Contracts

accord and satisfaction

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