Which of the following is true regarding an accord and satisfaction?
A) When amounts agreed upon are paid, the debt is fully discharged.
B) When amounts agreed upon are paid, the debt is fully discharged except for any late charges due on the initial indebtedness.
C) When amounts agreed upon are paid, the debt is fully discharged except for any interest due on the initial indebtedness.
D) When amounts agreed upon are paid, the debt is fully discharged except for any late charges and for any interest due on the initial indebtedness.
E) When amounts agreed upon are paid, the debt is fully discharged except for any late charges or interest due on the initial indebtedness, or attorney fees of the creditor that are due.

Question

Quizplus · Accepted Answer

An accord and satisfaction is a legal agreement between parties to settle a debt for less than is owed, and upon payment of the agreed amount, the debt is fully discharged.

Which of the Following Is True Regarding an Accord and Satisfaction