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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 Minnesota, 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 typically involves the debtor offering a different performance or payment, and the creditor accepting it as full satisfaction of the original debt or claim. For an accord and satisfaction to be enforceable, there must be a bona fide dispute over the claim or debt, a clear and unequivocal offer of the new terms, and an acceptance of those terms by the creditor. The new agreement, the 'accord,' must be executed with the intention of resolving the dispute, and the performance of the new agreement, the 'satisfaction,' discharges the original obligation. Minnesota follows the Uniform Commercial Code (UCC) for accord and satisfaction in the context of negotiable instruments, which is codified in Minnesota Statutes, Section 336.3-311.

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Creditor / Debtor

accord and satisfaction

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Minnesota State Code

Minnesota State Code

Creditor / Debtor

accord and satisfaction

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