Compliance and satisfaction is a contractual approach to purchasing the exemption from obligation. This is one of the methods used by the parties to denounce their agreement. The release is carried out by the transfer of consideration which must not be the effective fulfillment of the commitment itself. [1] The agreement is the agreement to execute the commitment and satisfaction is the legal “consideration” that binds the parties to the contract. A valid agreement does not respect the previous contract; Instead, it suspends the right to apply it in accordance with the terms of the agreement, in which the performance or performance of the contract fulfills both treaties (the original and the agreement). If the creditor violates the agreement, the debtor may denounce the existence of the agreement to take legal action against him. Note: Concordance in this sense is often used to introduce a case or authority that corresponds to the cited case or the cited authority, as for example in a sentence such as “. a decision based on just principles. Smith v. Jones, 1 F.2d 2 (1900).┬áThese examples are automatically selected from different online message sources to reflect the current use of the word “Agreement.” The opinions expressed in the examples do not give the opinion of Merriam-Webster or its publishers.

Send us feedback. Accord English learning definition (entry 2 of 2) In an agreement, it is typical that the consideration provided is less than what was agreed in the original contract. For contracts that require less consideration than the original, the consideration must be of another nature, for example.B. Instead of the money, the debtor offers a car or a boat. Another example would be that a lender agrees to lend $100,000 at 5.0% interest for 30 years and all loan documents are drawn up for a loan at an interest rate of 6.0% upon closing. If the lender agrees to reduce closing costs by an additional $1,000 and borrowers agree, there has been agreement and satisfaction. If the borrowers subsequently file a lawsuit for breach of contract, the transaction (offer and acceptance of the $1000) constitutes an agreement and satisfaction and is a valid defense against the borrower`s lawsuit. Agreement & Satisfaction – as the name suggests, are there two parties to an agreement and satisfaction? (1) agreement and (2) satisfaction. In law, an agreement is an agreement between the parties involved in a case where compensation for damage is required.

The execution of such an agreement prohibits further disputes.