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Real Estate Glossary

Accord and satisfaction

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Richard Wilson
Written by Richard Wilson

This refers to an arrangement to dismiss a claim in which both parties agree to give and accept a different performance that is usually less than what was originally required or owed. So long as both parties meet their new terms, the previous agreement remains suspended. Should a party fail to fulfill the new agreement’s terms, they may become liable for stricter terms than those in the original contract.

This refers to an arrangement to dismiss a claim in which both parties agree to give and accept a different performance that is usually less than what was originally required or owed. So long as both parties meet their new terms, the previous agreement remains suspended. Should a party fail to fulfill the new agreement’s terms, they may become liable for stricter terms than those in the original contract.

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Richard Wilson

Richard Wilson

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