accord and satisfaction


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Words related to accord and satisfaction

the settlement of a debt by paying less than the amount demanded in exchange for extinguishing the debt

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References in periodicals archive ?
Section 3-311 of the UCC specifically deals with accord and satisfaction in the commercial marketplace.
Under the UCC, before an accord and satisfaction can be established, there must be a bona fide dispute between the parties.
The debtor sued the vendor for declaratory relief contending that it effected an accord and satisfaction of its debt by tendering the checks with the vouchers.
Accordingly, the debtor argued, there was an accord and satisfaction of the debts.
In other words, the party seeking to establish an accord and satisfaction by tendering a check must do so in good faith.