Asked by Kalin Williams on Jul 13, 2024
Verified
When an accord and satisfaction is at issue,the ________ is the payment,by the debtor,of the reduced amount.
A) satisfaction
B) accord
C) both satisfaction and accord
D) fund transfer
E) bond
Accord
An agreement in law where two parties agree to settle a dispute by one party fulfilling a condition offered by the other.
Satisfaction
The fulfillment or discharge of an obligation such as a debt or the performance of a contract, or a feeling of fulfillment from achieving one's desires or requirements.
Debt
Money owed by one party, the debtor, to another, the creditor, typically arising from a transaction of a loan or credit.
- Become familiar with the essence and parts of consideration in the constitution of contracts.
- Compare the execution of agreements concerning liquidated debts to unliquidated debts.
Verified Answer
MH
Maura HanifahJul 14, 2024
Final Answer :
A
Explanation :
An accord and satisfaction is an arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract.In an accord and satisfaction,the "satisfaction" is the payment,by the debtor,of the reduced amount.
Learning Objectives
- Become familiar with the essence and parts of consideration in the constitution of contracts.
- Compare the execution of agreements concerning liquidated debts to unliquidated debts.