§ 20-7-1 Accord defined
§ 20-7-2 Execution of accord required to extinguish obligation
§ 20-7-3 Acceptance of accord as satisfaction–Obligation extinguished
§ 20-7-4 Obligation extinguished by part performance accepted in writing as satisfaction
§ 20-7-5 Novation defined
§ 20-7-6 Novation by substitution of obligation
§ 20-7-7 Novation by substitution of debtor
§ 20-7-8 Novation by substitution of creditor
§ 20-7-9 Rescission of satisfaction by substitution of debtor
§ 20-7-10 Obligation extinguished by release on new consideration or in writing
§ 20-7-11 Unknown claims not released by general release
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Terms Used In South Dakota Codified Laws > Title 20 > Chapter 7 - Accord and Satisfaction, Novation and Release of Obligations

  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.