Sections
6 entriesSection 1521Defines an accord as an agreement in which a person entitled to performance agrees to accept something different from, or less than,…Section 1522Establishes that an accord does not extinguish the original obligation merely because the parties are bound to carry out the accord. The…Section 1523Defines satisfaction as the creditor’s acceptance of the consideration provided under an accord and establishes that this acceptance extinguishes the underlying obligation.…Section 1524Establishes that partial performance of an obligation, whether before or after breach, extinguishes the obligation when the creditor expressly accepts it in…Section 1525Allows a debtor, when parties dispute the total amount due under a contract but agree that part is due, to pay the…Section 1526Limits when accepting a full-payment check on a disputed or unliquidated claim creates accord and satisfaction, allowing a creditor to delete the…