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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 West Virginia, 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, an offer of performance (the 'accord') that is different from what was originally due, and the acceptance of that performance (the 'satisfaction') by the other party. Once the satisfaction is completed, the original obligation is discharged. This concept is recognized under West Virginia law and is often used to resolve disputes without litigation. It is important to note that the terms of the accord must be clearly expressed and agreed upon by all parties involved, and the satisfaction must be executed in accordance with the terms of the accord for the original obligation to be considered resolved.

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Creditor / Debtor

accord and satisfaction

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Creditor / Debtor

accord and satisfaction

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