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accord and satisfaction

Accord and satisfaction is an enforceable agreement in which the parties agree to discharge a contract, claim, or obligation on terms that differ from the original terms of the contract, claim, or obligation.

In Wisconsin, accord and satisfaction is a recognized legal concept that allows parties to settle a dispute by agreeing to terms that are different from the original contract or obligation. This is typically used when there is a bona fide dispute over the debt or claim. Under Wisconsin law, for an accord and satisfaction to be valid, there must be a clear and unmistakable offer of the accord by the debtor and an acceptance by the creditor. The debtor must provide something of value, which can be less than the amount originally owed, and the creditor must voluntarily accept this as full satisfaction of the original obligation. The new agreement, the 'accord,' and the performance of the new agreement, the 'satisfaction,' together discharge the original contract or claim. This is codified under Wisconsin Statute Section 403.311 for negotiable instruments, but the principles of accord and satisfaction can apply to other types of contracts and obligations as well.

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Contracts

accord and satisfaction

Individual & Family Legal Plan

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Wisconsin State Code

Wisconsin State Code

Contracts

accord and satisfaction

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