Dictionary

  • Satisfaction (in the context of contract law)

    The discharge of an obligation, such as the payment of a debt, or the reparation of some wrong or injury.

    Under the equitable doctrine of satisfaction, a person to whom an obligation is due may elect in certain circumstances to accept some equivalent by way of discharge, in substitution for exact performance. Here, the debt or obligation will be deemed to have been satisfied under the new arrangement.

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