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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 Oklahoma, 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 genuine dispute or uncertainty regarding the original obligation, and the agreement must be executed in good faith. The party offering the new terms (the accord) must provide consideration, which can be in the form of money, goods, services, or some other benefit. Once the new terms are fulfilled (the satisfaction), the original obligation is considered discharged. This principle is recognized under Oklahoma law and is codified in Title 12 of the Oklahoma Statutes, Section 95, which addresses the effect of a written acknowledgment or new promise and the limitations on actions based on such agreements.

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Creditor / Debtor

accord and satisfaction

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Oklahoma State Code

Oklahoma State Code

Creditor / Debtor

accord and satisfaction

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