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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 North Carolina, 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 executed with the intent to discharge the original obligation, and the performance of the new agreement (the 'satisfaction') must actually take place. The satisfaction effectively settles the original claim or obligation. This concept is recognized under North Carolina General Statutes, specifically N.C.G.S. § 1-1-1, which provides the framework for the enforcement of such agreements. It is important for parties considering an accord and satisfaction to ensure that the agreement is clear, that there is a meeting of the minds, and that the satisfaction is completed, as these elements are critical for the enforceability of the new agreement.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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North-Carolina State Code

North-Carolina State Code

Contracts

accord and satisfaction

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