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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 Wyoming, 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 obligation is discharged. This concept is recognized under Wyoming law and can be used as a defense in a lawsuit if one party tries to enforce the original contract terms after an accord and satisfaction has been reached and fulfilled. It is important to note that the new agreement must be clear and unequivocal, and there must be proper consideration for the accord to be enforceable. The Uniform Commercial Code (UCC), which Wyoming has adopted, also addresses accord and satisfaction in the context of negotiable instruments under Section 3-311.

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Contracts

accord and satisfaction

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Wyoming State Code

Wyoming State Code

Contracts

accord and satisfaction

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