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| Accord and
satisfaction is the purchase of the release from
a debt obligation. The payment is typically less than
what is owed and is not paid by the actual performance of
the original obligation. The accord is the agreement to
discharge the obligation and the satisfaction is the
legal "consideration" which binds the parties
to the agreement. If a person is sued over an alleged debt they bear the burden of proving the affirmative defense of accord and satisfaction Affirmative defense. |
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Accord and Satisfaction".
