Accord and satisfaction, Account, Account creditor, Account debtor, Account payable

Accord and satisfaction n. An accord that has been satisfied by the completion of the agreed upon payment or performance. The satisfaction (that is, completion) of the accord extinguishes the original obligation that the obligee was, or considered himself, entitled to. Once satisfied, the subject of the accord can never be raised in any future legal action.

Account n. 1 A detailed record of a financial transaction, indicating the debits and credits between the parties to a contract or a fiduciary relationship. 2 The debt remaining to be paid, or the credit to be refunded, as indicated in such a record. 3 A detailed record of the financial transactions, business dealings, and other relations for which record must be kept. 4 A business relationship involving the management of money or the availability and use of credit. 5 In the common law, a legal action to require a person to account for money or property. 6 A statement by which someone explains, or attempts to explain, an event. 7 In business, a particular client or customer.

Account creditor n. One to whom the balance of an account is owed.

Account debtor n. One who owes the balance of an account.

Account payable n. The balance owed to a creditor as indicated by an account.

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