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An accord and satisfaction is the release of a debt
or the release of an existing obligation, by substituting the original
agreement with another agreement. Thereby, the obligations and debts of
the first agreement are discharged by the fact the parties have agreed
to the new arrangement. The accord and satisfaction of the original
agreement can be asserted as a complete defense to an action filed by
one of the parties based on breach of the original debt or obligation
agreement.
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