Reference Entry

accord and satisfaction

Edited by Jonathan Law

in A Dictionary of Accounting

Fifth edition

Published in print July 2016 | ISBN: 9780198743514
Published online November 2016 | e-ISBN: 9780191803147
accord and satisfaction

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A device enabling one party to a contract to avoid an obligation that arises under the contract, provided that the other party agrees. The accord is the agreement by which the contractual obligation is discharged and the satisfaction is the ...

Reference Entry.  137 words. 

Subjects: Accounting

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