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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 Ohio, 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 offer (the 'satisfaction'). Once the satisfaction is completed, the original obligation is discharged. This concept is recognized under Ohio law and is codified in the Ohio Revised Code, particularly in sections dealing with negotiable instruments (ORC 1303.40) and in general contract law. It is important to note that the terms of the accord must be clearly expressed and the satisfaction must be performed to effectively discharge the original obligation.

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Creditor / Debtor

accord and satisfaction

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Ohio State Code

Ohio State Code

Creditor / Debtor

accord and satisfaction

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