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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 Maine, 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 accord and satisfaction to be enforceable, there must be a genuine dispute or uncertainty regarding the original obligation, and the agreement must be executed in good faith. The party offering the accord must provide something of value, which the other party accepts as full satisfaction of the original obligation. Once the accord and satisfaction are completed, the original contract or claim is considered settled, and no further legal action can be taken on it. This principle is recognized under Maine law and is consistent with the Uniform Commercial Code (UCC) as adopted by Maine, specifically under Title 11, Section 3-311 of the Maine Revised Statutes, which addresses accord and satisfaction by use of an instrument.

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Creditor / Debtor

accord and satisfaction

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Creditor / Debtor

accord and satisfaction

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