Accord has three major definitions:
A harmonious agreement, especially between countries. An offer to substitute a different obligation for one that was previously owed, plus the acceptance of that offer. Either of the parties...business law
accord and satisfaction
Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new...
account
An account, within the context of secured transactions, is defined under Article 9 of the Uniform Commercial Code, as a right to payment of a monetary obligation. Not included: (1) letters of credit, (2) commercial tort claims, (3) deposit...
account debtor
An account debtor is someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
See, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
[Last updated in...
account receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to the...
account stated
Account stated refers to a document summarizing the amount a debtor owes a creditor. An account stated is also a cause of action in many states that allows a creditor to sue for payment. In many business contexts, creditors and debtors have...
accountant
An accountant is a trained professional who has satisfied the statutory and administrative requirements under applicable law to practice as a licensed public accountant. These requirements vary from State to State. The accountant is...
accounting
Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial...
accounts payable
Accounts payable is short-term debt that a company owes to its suppliers for products received before a payment is made. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a...
accounts receivable
Accounts receivable (abbreviated A/R) is money owed to a business by another business or individual in exchange for property or services that were provided on credit. The settlement of an account receivable begins by sending an invoice to...