An Accord and Satisfaction Is Effective Only If Both Parties

question 48

True/False

An accord and satisfaction is effective only if both parties provide fresh consideration.

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Definitions:

Revenues

Income generated from business activities or services before any expenses are deducted.

Expenses

Costs incurred in the operation of a business or the execution of a task.

Trust Accounts

Financial accounts held by a trustee for the benefit of a third party according to the terms of a trust agreement.

Gross Earnings

The total amount of money earned by an individual or company before any deductions such as taxes or benefits.