Accord and satisfaction

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Updated: Aug 20, 2021

When one party has completed his obligations in a contract he may agree to release the other party from that party’s obligations. This may be by a document under seal, or by receiving some new consideration. Release in return new consideration is known as accord and satisfaction.

Reference: The Penguin Business Dictionary, 3rd edt.



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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.