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Glossary

Accord and satisfaction. A settlement of an existing claim under which the parties agree that one of them (the debtor) will give, and the other (the creditor) will accept a lesser performance than that originally claimed by the creditor. The agreement of settlement is the accord, and its execution by rendition of the settled performance is the satisfaction. Until the settlement is satisfied by performance, it is known as an executory accord.

Actions of Assumpsit, Covenant, and Debt. See Assumpsit; Covenant; Debt.

Adhesion. A contract is adhesive where the party who drafts the terms of the contract has the market power to insist that the contract may be only on its terms, and the other party has no choice but to agree to the terms if he wishes to enter the contract. That is, the terms are nonnegotiable and the nondrafting party has no choice but to adhere to them if he wants the contract.

Agreed damages. See Liquidated damages.

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