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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebAccord and SatisfactionDefinition:Accord and satisfaction refers to a legal agreement between two parties to resolve a dispute or fulfill a contractual obligation by accepting a performance or payment that differs from the original terms. Senses and Usages:1. Legal Term:In legal context, accord and satisfaction is a principle used to settle a dispute and release the parties from their obligations under a contract. It involves one party offering something different from what was initially agreed upon, and the other party accepting it as full payment or settlement. Example Sentence: After months of negotiation, the parties reached an accord and satisfaction, with the defendant agreeing to pay a sum lower than originally demanded by the plaintiff. 2. Business:Accord and satisfaction is also important in business transactions, especially when there are disagreements or payment discrepancies. It provides a mechanism for resolving conflicts and ensuring that both parties are satisfied with the resolution. Example Sentence: The vendor and the client were able to achieve accord and satisfaction by agreeing to the revised delivery terms and a discounted price. Related Products: | ||||
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