Select your state

Creditor / Debtor

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 Mississippi, accord and satisfaction is recognized as a legal means to discharge a contract, claim, or obligation. This is a common law principle that has been codified in the Mississippi Code. When parties enter into an accord, they agree to settle the matter by providing some performance different from what was originally due. Satisfaction occurs when the agreed-upon performance is completed, thus fulfilling the terms of the accord. For an accord and satisfaction to be enforceable, there must be a bona fide dispute or unliquidated claim, a clear and unequivocal offer of settlement, and acceptance and receipt of the consideration by the creditor. It's important to note that the new agreement must be executed in good faith and with the intention to resolve the dispute. If these conditions are met, the original obligation is considered discharged, and the parties are bound by the terms of the new agreement.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Creditor / Debtor

accord and satisfaction

Individual & Family Legal Plan

Articles

Mississippi State Code

Mississippi State Code

Creditor / Debtor

accord and satisfaction

Articles