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Contracts

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 Tennessee, 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 resolve the dispute, and the performance of the new agreement (the 'satisfaction') must be completed. This is often used in cases where there is a dispute over the amount owed or the performance due under a contract. Once the accord and satisfaction is completed, the original contract is considered to be discharged, and the parties are no longer liable under the original terms. This principle is recognized under Tennessee law and is codified in the Uniform Commercial Code (UCC) for certain transactions involving the sale of goods (Tenn. Code Ann. § 47-3-311) and also generally applies to other types of contracts and obligations.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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Tennessee State Code

Contracts

accord and satisfaction

Tennessee State Code

Articles