If someone decides to accept less than full payment to settle a debt, there is an accord and satisfaction.

Name: If someone decides to accept less than full payment to settle a debt, there is an accord and satisfaction.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Accord and satisfaction refers to an agreement between two parties to settle a debt for less than the full amount owed. Once the debtor has paid the agreed upon amount and the creditor accepts it, the debt is considered satisfied and the matter is considered closed.

If Someone Decides to Accept Less Than Full Payment to Settle