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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 Dakota, 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 North Dakota Century Code (NDCC) Section 9-13-04, an accord and satisfaction can occur when a creditor accepts a payment from a debtor that is less than the amount claimed, with the understanding that the payment is taken in full satisfaction of the claim. The debtor must clearly indicate that the payment is intended to be in full satisfaction of the debt, and the creditor must voluntarily accept the payment for the accord and satisfaction to be legally binding. If these conditions are met, the original obligation is discharged, and the creditor cannot later pursue additional payment for the original claim.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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North-Dakota State Code

North-Dakota State Code

Contracts

accord and satisfaction

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