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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 Iowa, accord and satisfaction is a recognized 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 often used in cases where there is a dispute over the amount owed or the performance due under a contract. It is important to note that for accord and satisfaction to be legally binding in Iowa, there must be a bona fide dispute, clear and unequivocal proof of the agreement, and the satisfaction must actually be carried out. If these conditions are met, the accord and satisfaction can be used as a defense in a lawsuit over the original obligation.

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Creditor / Debtor

accord and satisfaction

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Creditor / Debtor

accord and satisfaction

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