When a debtor offers to pay a lesser amount than the creditor originally claimed was owed, and a creditor accepts, the agreement is called <u>Accord and Satisfaction</u>
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<h3>Who is a debtor?</h3>
A business or person that owes money is called a debtor. If the debt is in the form of a loan from a financial institution, the debtor is referred to as the borrower, and if the debt is in the form of securities, such bonds, the debtor is referred to as the issuer. A voluntarily petitioner for bankruptcy protection is likewise regarded as a debtor for legal purposes.
<h3>Who is a creditor?</h3>
Usually through a loan arrangement or contract, a creditor is a person or organization that offers credit to another party so they can borrow money. Creditors can be categorized as personal or actual.
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