Select your state

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 Vermont, 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. The 'accord' is the new agreement that resolves the dispute, and the 'satisfaction' is the performance of the new agreement. Once the satisfaction is completed, the original contract or obligation is considered discharged. Vermont law requires that the accord and satisfaction be clear and unequivocal, and it must be proven that the creditor accepted the terms of the accord as full satisfaction of the original obligation. This concept is recognized under Vermont's common law and is also reflected in the Uniform Commercial Code (UCC) adopted by Vermont, specifically in transactions involving the payment of money under UCC Section 3-311.

Legal Articles

State Statutes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

For about 82¢ a day you can have a LegalFix Legal Plan that includes initial consultations with an attorney at no additional charge—and additional legal services at reduced rates—all from top law firms in your state. Don't wait—be prepared for life's inevitable legal challenges, starting today.

And ask your employer, credit union, or membership group to offer LegalFix for even better pricing.

Contracts

accord and satisfaction

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Vermont State Code

Vermont State Code

Contracts

accord and satisfaction

Articles