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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 Wyoming, accord and satisfaction is recognized as a legal means to settle a dispute where the parties agree to new terms that differ from the original contract, claim, or obligation. This is typically used when a debtor offers to pay a lesser amount than what is owed, and the creditor accepts this payment as full satisfaction of the debt. The new agreement, the 'accord,' and the execution of this agreement, the 'satisfaction,' must both occur for the original obligation to be discharged. The creditor's acceptance of the accord must be voluntary and unequivocal, and there must be some consideration – a legal term for something of value – for the new agreement. It's important to note that both parties must clearly understand and agree to the new terms for accord and satisfaction to be enforceable. If these conditions are met, the accord and satisfaction can be used as a defense in court if the creditor later attempts to collect the original amount.

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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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Wyoming State Code

Wyoming State Code

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Creditor / Debtor

accord and satisfaction