Which of the following is true regarding a valid accord and satisfaction?
A)When the amount agreed upon is paid,the debt is fully discharged.
B)When the amount agreed upon is paid,the debt is fully discharged except for any late charges due under the original agreement.
C)When the amount agreed upon is paid,the debt is fully discharged except for any interest due under the original agreement.
D)When the amount agreed upon is paid,the debt is fully discharged except for any late charges and any interest due under the original agreement.
E)When the amount agreed upon is paid,the debt is fully discharged except for any late charges or interest due under the original agreement,or for any reasonable attorney's fees the creditor has accumulated in his or her attempt to collect the debt.

Question

Quizplus · Accepted Answer

For an accord and satisfaction to be enforceable,three requirements must be met: a)the debt is unliquidated [i.e.,the amount or the existence of the debt is in dispute]; b)the creditor agrees to accept as full payment less than the creditor claims is owed; and c)the debtor pays the agreed-upon amount.When the reduced amount is paid,the debt is fully discharged.

Which of the Following Is True Regarding a Valid Accord