What is an Accord?

An accord is an agreement reached between two parties that settles a disputed claim, usually by offering to fulfill one obligation with another and accepting this offer.

This article describes various types of accord and provides terms to describe them.

Accord and Satisfaction

Accord and satisfaction (AS) is an alternative method of legal dispute resolution which usually entails accepting less than full payment as part of a compromise deal for future payments to creditors.

An accord and satisfaction may provide a viable defense to a breach of contract lawsuit when its contents can be shown to have been properly executed. Typically, this requires four elements: proper subject matter, competent parties, meeting of minds and adequate consideration.

Accord and satisfaction is often used in civil law matters, though it can also be utilized in criminal law proceedings. It should be noted, however, that accord and satisfaction cannot be used as a method to resolve charges of felonious nature.

Accord and Modification

Accord and modification is a type of legal contract where parties agree to pay off claims or tort liabilities in terms different than originally agreed upon, often used to settle legal cases outside court.

An accord typically involves both parties accepting less than they initially claimed is owed; with one accepting lesser payments and another agreeing to accept increased ones; this may happen either formally or more frequently when economic circumstances require adjustments.

Law considers an accord as fulfilling legal obligations only if its terms are actually fulfilled. For instance, an agreement to settle debt with real estate rather than cash does not extinguish its obligation.

Accord and Discharge

Accord and discharge is a legal method which enables two parties to settle legal claims by replacing the original contract with one with different terms, often prior to filing suit. These settlements typically occur prior to legal action being initiated against either party.

An accord is an agreement to settle a claim or cause of action by agreeing upon new contract terms and/or payments that typically fall below what was agreed upon in the original contract. An accord should provide full satisfaction of claimant’s needs while including all essential components necessary for valid contracts.

An accord can only exist when an offer replaces one obligation with another and is accepted by its promisor. When accepted, its fulfillment must fulfill both contractual obligations as well as any agreements reached between parties involved in its formation.

Accord and Restitution

An accord is an agreement reached by two or more parties in order to fulfill an existing obligation or committment. An accord could take the form of either a formal, legal contract, a compromise on terms, or an offer to pay back unsatisfied debt payments in exchange for something else.

In most cases, the consideration provided falls short of what was agreed upon in the initial contract. For instance, instead of providing cash as promised in their debt contract, a debtor might offer other assets like a car or boat instead.

This form of debt repayment will not be enforceable by courts and cannot be enforced as promised.

Acordian and Restitution has long been misused as a legal strategy to avoid prosecution or satisfy another condition. It can often lead to dropped criminal cases when fulfilling these criteria is satisfied.