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Satisfaction in United Kingdom

Definition of Accord And Satisfaction

In accordance with the work A Dictionary of Law, this is a description of Accord And Satisfaction : The purchase by one party to a contract of a release from his obligations under it when the other party has already performed his side of the bargain. A release of this one-sided nature constitutes a unilateral discharge of the contract; unless granted by deed, it can at common law be effected only by purchase, i.e. by a fresh agreement (accord) for which new consideration (satisfaction) is given. If, for example, A is due to pay £1000 on a particular date to B for contractual services rendered, B might agree to accept £900 paid on an earlier date, the earlier payment constituting satisfaction.

Compare bilateral discharge.

See also (promissory) estoppel.

Definition of Accord And Satisfaction

Where a party agrees to obligations under a contract to be changed and replaced by new ones.

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(2015, 02). Satisfaction lawi.org.uk Retrieved 07, 2021, from https://lawi.org.uk/satisfaction/

02 2015. 07 2021 <https://lawi.org.uk/satisfaction/>

"Satisfaction" lawi.org.uk. lawi.org.uk, 02 2015. Web. 07 2021. <https://lawi.org.uk/satisfaction/>

"Satisfaction" lawi.org.uk. 02, 2015. Accesed 07 2021. https://lawi.org.uk/satisfaction/

Agostino Von Hassell, 'Satisfaction' (lawi.org.uk 2015) <https://lawi.org.uk/satisfaction/> accesed 2021 July 26

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Schema Summary

  • Article Name: Satisfaction
  • Author: Agostino Von Hassell
  • Description: Definition of Accord And Satisfaction In accordance with the work A Dictionary of Law, this is a description of Accord And [...]

This entry was last updated: February 9, 2015

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