Small businesses often call us and ask if they should cash a check they received from a purchaser or customer that still owes them money. Somewhere at some point they heard that if you do, you are accepting that amount in full satisfaction of the debt, and lose the right to collect any remaining balance. The legal term for this is "accord and satisfaction." Since it comes up so often, we want small businesses to understand a little bit about the concept. "Accord" basically means an agreement. And "satisfaction" in this scenario means exactly that: to satisfy the agreement, or to perfo
I was reading Michael Lowry’s recent post in his great ABA Law Journal Top 100 Blog, “Compelling Discovery,” and the topic reminded me of a case that still, well, makes me laugh. Sometimes . . . sometimes I say, this job gives you a real LOL moment while simultaneously forcing you to get up to speed in an area that’s foreign to you. A pun I definitely intended as you’ll realize after reading this post.