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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 Oklahoma, 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, there must be a genuine dispute or uncertainty regarding the original obligation, and the agreement must be executed in good faith. The party offering the accord must provide consideration, which can be in the form of money, goods, services, or some other benefit to the other party. Once the accord is satisfied, the original obligation is discharged, and the parties are no longer bound by it. This concept is recognized under Oklahoma law and is similar to the principles outlined in the Uniform Commercial Code (UCC) for the settlement of commercial transactions, which Oklahoma has adopted. It is important for parties considering an accord and satisfaction to ensure that the agreement is clear, that all parties consent to the new terms, and that the satisfaction is duly executed to avoid any future disputes.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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Oklahoma State Code

Oklahoma State Code

Contracts

accord and satisfaction

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