This lesson explores discharge of a debt by accord and satisfaction. It can be run either as an introduction to the study of accord and satisfaction or as a review after you have completed your study.
On completion of the lesson, the student will be able to:
1. Distinguish between accord and satisfaction and other forms of discharge of contractual obligations.
2. Explain the various forms that consideration for discharge of an obligation can take.
3. Determine whether offer and acceptance have been complied with in the formation of an accord.
4. Apply the elements of UCC § 3-311 to a fact situation involving payment by check to determine whether an accord and satisfaction was reached.
5. Distinguish between a liquidated debt and an unliquidated debt.
6. Distinguish between an executory accord and a substituted contract.