BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The “accord” of an accord and satisfaction is an agreement in which the creditor promises to accept the substitute performance for the pre-existing claim or duty. The “satisfaction” is the actual acceptance by the creditor of that substitute performance.

Detailed explanation-2: -An actual performance of a contract means performing all the promises and fulfilling all the liabilities by all the parties.

Detailed explanation-3: -Satisfaction is the fulfillment of an obligation. The term is often used in the context of contract law when one performs their duties under the contract. The term is also often found in the context of judgments in determining whether a party discharged their liability from a judgment.

Detailed explanation-4: -A contractual obligation (or duty) is something that parties agree to do or become responsible for when they sign a contract. These obligations can vary wildly between contracts, but they will usually fall into two broad categories: A promise to do something. A promise not to do something.

Detailed explanation-5: -Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the accord.