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Accord and Satisfaction

This is the name given to legally wrapping up a dispute in which a creditor accepts less than is owed to him, usually just to get the matter resolved.  It is a compromise in which the new agreement (accord) and payment (satisfaction) replace the old agreement or contract.

Suppose someone owes you money for an item you sold them.  The original price was $500, but the buyer says he can only pay you $400 and sends you a check for that amount.  In most states, but not all, if you cash the $400 check, then you are accepting the accord and cannot try to collect on the remaining $100.

 

Check with a local attorney to see what your rights are if someone owes you money.

                                                                       

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