Accord and Satisfaction Definition

Financen31430 Jul, 2021Other

The term Accord denotes or depicts an agreement under which a person accepts an amount of or some treasured or valuable consideration, whereas the term Satisfaction denotes or depicts the payment of the considered amount which is agreed in the agreement or contract to be paid or made. And the whole accord and satisfaction agreement formed is termed as accord and satisfaction, and when this agreement is discharged it is referred to as a tort.