Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    The adjustment of a disagreement as to what is due from one to another, and the payment of the agreed amount. See 62 L. R. A. 760.

  • Black's Law Dictionary: 2nd Edition

    An agreement between two persons, one of whom has a right Of action against the other, that the latter should do or give, and the former accept, something in satisfaction of the right of action different from, and usually less than, what might be legally enforced. When the agreement ls executed, and satisfaction has been made, it ls called "accord and satisfaction." Rogers v. Spokane, 9 Wash. 168, 37 Pac. 300; Davis v. Noaks, 3 J. J. Marsh. (Ky.) 494. Accord and satisfaction is the substitution of another agreement between the parties in satisfaction of the former one, and an execution of the latter agreement Such ls the definition of this sort of defense, usually given. But a broader application of the doctrine has been made in later times, where one promise or agreement is set up in satisfaction of another. The rule is that an agreement or promlse of the same grade wlll not be held to be in satlsfaction of a prior one, unless it has been expressly accepted as such; as, where a new promissory note has been given in lieu of a former one, to have the effect of a satisfaction of the former, it must have been aceepted on an express agreement to that effect. Pulliam v. Taylor, 50 Miss. 251; Continental Nat. Bank v. Mc-Geoch, 92 Wis. 286, 66 N. W. 606; Heath v. Vaughn, 11 Colo. App. 384, 53 Pac. 229; Story v. Maclay, 6 Mont. 492, 13 Pac. 198; Swofford Bros. Dry Goods Co. v. Goss, 65 Mo. App. 55; Rogers v. Spokane, 9 Wash. 168, 37 Pac. 300; Heavenrich v. Steele, 57 Minn. 221, 58 N. W. 982.