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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 South Dakota, 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 agreement must be voluntary and made by competent parties. According to South Dakota Codified Laws (SDCL), specifically SDCL 53-4-3, an accord is a contract to discharge an existing contractual duty or other liability, whether it is due or not, by the acceptance of a performance different from that which was originally owed. Satisfaction is the performance of the terms of the accord, which discharges the original duty or liability. For an accord and satisfaction to be enforceable, there must be a bona fide dispute or unliquidated claim, a clear and unequivocal offer of performance, and an acceptance of that performance as full satisfaction of the obligation. Once the satisfaction occurs, the original contract or obligation is discharged, and the parties are bound by the terms of the new agreement.

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Creditor / Debtor

accord and satisfaction

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South-Dakota State Code

South-Dakota State Code

Creditor / Debtor

accord and satisfaction

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