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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 Idaho, 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. Under Idaho law, for an accord and satisfaction to be enforceable, there must be a bona fide dispute regarding the original obligation, an offer of payment (the accord) that is accompanied by an act or statement that the offer is in full satisfaction of the disputed amount, and acceptance of the offer by the creditor (the satisfaction). Once the creditor accepts the payment, the original obligation is discharged, and the creditor cannot later seek to recover any remaining balance of the original claim. This is codified in Idaho Code § 28-3-311, which aligns with the Uniform Commercial Code as adopted by the state. It's important to note that accord and satisfaction typically applies to unliquidated debts or disputed claims, not to debts that are fixed and undisputed.

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Creditor / Debtor

accord and satisfaction

Individual & Family Legal Plan

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Idaho State Code

Idaho State Code

Creditor / Debtor

accord and satisfaction

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