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| usually defined as the value (such as cash) given in return for a promise (such as the promise to sell a stamp collection on receipt of payment) or in return for a performance. |
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| the refraining from an action that one has a legal right to undertake. |
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| is the unmaking of a contract so as to return the parties to the positions they occupied before the contract was made. |
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Term
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Definition
| involves a debtor's offer of payment and a creditor's acceptance or a lesser amount than the creditor originally claimed was owed. |
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Definition
| is the agreement under which one of the parties undertakes to give or perform. |
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Definition
| takes place when the accord is executed. There can be no satisfaction if there is no accord. |
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| is a contract in which one party forfeits the right to pursue a legal claim against the other party. It bars any further recovery beyond the terms stated in the release. |
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Term
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Definition
| is an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim. Does not always bar further recovery. |
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