Generally, an “accord and satisfaction” is an agreement between two or more contracting parties to accept an alternate agreement and performance in lieu of a preexisting contractual duty between the ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

Similar situations to this arise in business all the time: Debbie and Charles have an agreement for her to supply him with widgets at a certain price. She ships him some widgets and then provides an ...