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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 Wisconsin, accord and satisfaction is recognized as a method to discharge a contract or settle a dispute by agreeing to provide and accept performance that differs from the original obligation. This concept is typically used when there is a bona fide dispute over the debt owed or the performance due under a contract. For an accord and satisfaction to be legally binding, there must be an offer (the accord) of different performance than what was originally agreed upon, and the acceptance (the satisfaction) of that offer, which then discharges the original obligation. The new agreement must be executed in good faith, with consideration, and with the intent to resolve the dispute. Wisconsin follows the Uniform Commercial Code (UCC) for transactions involving the sale of goods, which includes provisions for accord and satisfaction in Section 3-311. Under this section, a check or similar instrument can potentially be used to achieve an accord and satisfaction if it is clearly communicated that the instrument is meant to resolve the dispute and the creditor cashes the check.

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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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Wisconsin State Code

Wisconsin State Code

Creditor / Debtor

accord and satisfaction

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