Accord and Satisfaction
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04.010 Accord and Satisfaction; Definitions; Examples
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Description
04.010 Accord and Satisfaction; Definitions; Examples When a new agreement takes the place of an old one, this ends the old agreement. The legal words for such an end to an old agreement are "accord and satisfaction." It takes place when (use one or more of the following, depending on the facts of the case) a. the parties satisfy one agreement by making and carrying out a new one , b. they expressly agree that the new one takes the place of the old, or c. there is a new consideration for a new promise in place of the old one. (Note: This definition is a restatement of O.C.G.A. §13-4-101 in simplified form.)
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