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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 South 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 agreement must be voluntary and made by competent parties. According to South Dakota Codified Laws (SDCL), specifically SDCL 53-4-3, an accord is a contract to perform some act which will satisfy an existing contractual duty or some other duty which thereafter arises. The satisfaction is the performance of this act. The accord, when executed, becomes 'satisfaction,' and it discharges the original contract or obligation. For an accord and satisfaction to be enforceable in South Dakota, there must be a bona fide dispute regarding the original obligation, a clear and unequivocal offer of the accord by one party, and an acceptance by the other party. Once the terms of the accord are satisfied, the original obligation is considered settled and cannot be pursued further in court.

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Contracts

accord and satisfaction

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South-Dakota State Code

South-Dakota State Code

Contracts

accord and satisfaction

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