When an accord and satisfaction is at issue, what is the new agreement to pay less than the creditor claims is owed called?

A) Satisfaction
B) Accord
C) Seal
D) Compromise
E) Acknowledgement

Question

When an accord and satisfaction is at issue, what is the new agreement to pay less than the creditor claims is owed called?A)  SatisfactionB)  AccordC)  SealD)  CompromiseE)  Acknowledgement

Maddie Collins · Accepted Answer

Final Answer : B, Explanation :  An accord is the new agreement where the debtor and creditor agree on a lesser amount to settle the debt. Satisfaction occurs when the agreed-upon terms of the accord are fulfilled.

When an accord and satisfaction is at issue, what is the new agreement to pay less than the creditor claims is owed called?

A) Satisfaction
B) Accord
C) Seal
D) Compromise
E) Acknowledgement

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Learning Objectives

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