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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 Kansas, 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. For an accord and satisfaction to be enforceable, there must be a bona fide dispute regarding the original obligation, an offer of performance (the 'accord') that is different from what was originally agreed upon, and the acceptance and execution of the performance (the 'satisfaction'). Once the satisfaction is completed, the original obligation is discharged. This concept is recognized under Kansas law and is codified in the Kansas Statutes Annotated (K.S.A.) under various provisions related to contracts and obligations. It is important for parties considering an accord and satisfaction to ensure that the agreement is clear, that there is proper consideration, and that the agreement is executed properly to avoid any future disputes over the terms.

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Creditor / Debtor

accord and satisfaction

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Kansas State Code

Kansas State Code

Creditor / Debtor

accord and satisfaction

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