Accord and satisfaction

{
  "id": "MLC-T-LAW-000309",
  "term": "Accord and satisfaction",
  "field": "Law",
  "definition": "A legal contract mechanism to discharge a claim where the parties agree to accept a different performance in lieu of the original obligation. The accord is the agreement itself, and the satisfaction is the execution of that agreement. This process typically involves a debtor offering a lesser payment than originally owed, which the creditor accepts as full settlement.",
  "url": "https://mlchart.com/terminology/law/accord-and-satisfaction/"
}