Select your state

Creditor / Debtor

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 Connecticut, accord and satisfaction is a recognized legal principle 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 with the intention of resolving the dispute. The 'accord' is the agreement to discharge the original obligation, and the 'satisfaction' is the performance of the new agreement. Under Connecticut law, for an accord and satisfaction to be valid, there must be a bona fide dispute regarding the original obligation, the parties must mutually agree to the new terms, and the debtor must perform the new agreement. The satisfaction, which is often a payment of a lesser amount than originally owed, discharges the original obligation once it is completed. This principle is codified in Connecticut General Statutes under Title 42 - Business, Selling, Trading and Collection Practices. It is important for parties considering an accord and satisfaction to ensure that all elements are met and to document the agreement properly to avoid future disputes. An attorney can provide guidance on the enforceability of such an agreement and help draft the necessary documentation to ensure legal compliance.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Creditor / Debtor

accord and satisfaction

Individual & Family Legal Plan

Articles

Connecticut State Code

Connecticut State Code

Articles

Creditor / Debtor

accord and satisfaction