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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 Missouri, accord and satisfaction is a recognized legal principle 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 in Missouri, there must be a bona fide dispute over the debt or claim, a clear and unequivocal offer of the new terms by the debtor, and an acceptance by the creditor. The new agreement must also be supported by consideration. This principle is codified under Missouri law, and the Uniform Commercial Code (UCC), which Missouri has adopted, also addresses accord and satisfaction in the context of negotiable instruments under Section 3-311. It is important for parties considering an accord and satisfaction to ensure that all legal requirements are met for the agreement to be valid and enforceable.

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Creditor / Debtor

accord and satisfaction

Individual & Family Legal Plan

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Creditor / Debtor

accord and satisfaction

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