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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 Nevada, accord and satisfaction is a recognized 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 dispute over the amount owed or the performance due under a contract. Under Nevada law, for an accord and satisfaction to be enforceable, there must be a bona fide dispute between the parties, an offer of payment (the 'accord') that is accepted by the other party, and the performance of the new agreement (the 'satisfaction'). The satisfaction effectively discharges the original contract or claim. It is important to note that the new agreement must be executed properly, with both parties agreeing to the new terms, which should be clear and unequivocal. Once an accord and satisfaction is completed, the original obligation is extinguished and cannot be pursued further in court.

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Contracts

accord and satisfaction

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Nevada State Code

Nevada State Code

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Contracts

accord and satisfaction