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Southeast Transaction Guide
Copyright 2016, Matthew Bender & Company, Inc., a member of the LexisNexis Group.

10-183 Southeast Transaction Guide 183.syn


Discharge of Obligations


General Editors: ;Thomas Ritchie (Alabama);Byron Sparber (Florida);and Carl Cofer (Georgia)

Chapter Summary


The primary focus of this chapter is on the methods used in altering existing contract terms and discharging existing contractual obligations in ways other than those originally contemplated by the parties. Thus, this chapter includes coverage of: accord and satisfaction, compromise, settlement, and release; contract rescission or modification; novation; and reformation. Because the term "discharge of obligations" is broad enough to include the discharge of obligations incurred under tort law, tort releases. This chapter next covers the "account stated," the method by which parties, who may never have had a specific agreement as to what is owed, define and sometimes redefine the amount due. The chapter begins with a research guide, which cites both primary and secondary sources, including state statutes, annotations, law reviews, and text references.

The chapter discusses the various methods used in altering existing contract terms and discharging existing contractual obligations in ways other than those originally contemplated by the parties. The first method discussed is modification of a contract through mutual rescission. Next, the chapter details novation and contrasts it with the similar method of accord and satisfaction. It also compares and contrasts accord and settlement to the often-confused method of compromise and settlement. The chapter continues with the method of unilateral rescission, as well as the method of release. Finally, the chapter deals with the method of account stated.

Southeast Transaction Guide is a step-by-step guide that covers a wide variety of transactions for Alabama, Florida, and Georgia. This 20-volume set is broken down into five parts: business entities, estate planning, commercial transactions, real estate transactions, and personal transactions. Each chapter offers a legal background on each transaction covered, emphasizing tax considerations and problem areas, planning guides with checklists, procedural and drafting guides for transaction processing, and necessary forms with commentary, plus citations to leading cases.


Discharge of obligations,discharge of contractual obligations,accord and satisfaction,compromise,settlement,release,contract rescission,contract modification,novation,reformation,account states,mutual rescission,unilateral rescission


Personal bankruptcy is covered in Chapter 322, and insolvency is treated in Chapter 184. The discharge of a secured obligation on default is covered in Chapter 204.


See Commercial Law and Practice Guide (Matthew Bender) for a unique combination of in-depth substantive analysis and practical guidance for handling commercial transactions, including sales transactions, leasing transactions, negotiable instrument transactions, letters of credit and secured transactions.

See Commercial Damages: A Guide to Remedies in Business (Matthew Bender) for expert analysis of specific remedies; examination of litigation costs, economic factors and other relevant practical considerations for both plaintiffs' and defendants' attorneys; and coverage of specific situations in which the business entity has been damaged, including remedies for breach of contracts for the sale or lease of goods.

See Corbin on Contracts (Matthew Bender) for exhaustive and authoritative analysis of all the rules of contract law, including all exceptions and variations.
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