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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 Vermont, 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 is enforceable if it meets certain criteria. The party who owes the obligation (the debtor) must offer a different performance (the accord), and the party to whom the obligation is owed (the creditor) must accept this performance as full satisfaction of the original obligation. The new agreement must be executed in good faith, with consideration, and with the intent to resolve the dispute. Once the accord is satisfied, the original obligation is considered settled, and the creditor cannot pursue further action on the original claim. This principle is recognized under Vermont common law and is also reflected in the Uniform Commercial Code (UCC) adopted by Vermont for commercial transactions, specifically under UCC Section 3-311 for negotiable instruments.

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Creditor / Debtor

accord and satisfaction

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Vermont State Code

Vermont State Code

Creditor / Debtor

accord and satisfaction

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