31/7/17 Compromise and Settlement. Accord and Satisfaction
Is there a difference between “compromise and settlement” and “accord and satisfaction”? If so, what is it? And how are these two phrases used?
Let’s find out:
Compromise and Settlement. Accord and Satisfaction.
The first phrase can apply to the agreement to resolve any legal dispute. The second phrase is narrower, usually applying to contract law: the parties reach an accord (a substitute for the original contract obligation), and performance of the accord gives the formerly aggrieved party satisfaction.