What is accord and satisfaction in contractual terms?
What will be an ideal response?
In some situations, one of the parties to a contract believes that he or she did not receive what he or she was due. This party may attempt to reach a compromise with the other party, e.g., by paying less consideration than was provided for in the contract. If the two parties agree to a compromise, a settlement of the claim has been reached. The settlement agreement is called an accord. If the accord is performed, it is called a satisfaction. This type of settlement is called an accord and satisfaction, or a compromise.
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The physical structure and storage organization of the database are decided upon during the implementation phase of the systems development life cycle
Indicate whether the statement is true or false
A firm is conducting an analysis of trends over time and discovers that its inventory turnover has declined. This may be due to
A) an increase in sales. B) an increase in cost of goods sold. C) an increase in inventory purchases. D) a decrease in inventory purchases.