Satisfaction Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Satisfaction, written in plain English, along with examples of how it is used.
What is Satisfaction?
(n) Satisfaction is the acknowledgement of performance received which is in harmony with what is due or expected, or agreed up on previously.
History and Meaning of Satisfaction
Satisfaction is a concept that dates back to ancient Roman law, where it was used to describe the act of fulfilling a legal obligation. It has since been adopted by many different legal systems, and within the context of the law, it refers to the fulfillment of a legal or contractual obligation to another party. Satisfaction can take many forms, from a refund for a defective product to the performance of a contract for services.
Within the context of legal proceedings, satisfaction can also refer to a stipulation or settlement agreement that resolves a dispute between two parties. In these cases, satisfaction involves one party agreeing to take a specific action, such as paying a sum of money or providing a specific service, in exchange for the other party dropping or settling a legal claim.
Examples of Satisfaction
- A consumer purchases a defective product and requests a refund. The manufacturer agrees to issue a refund, which the consumer accepts as satisfaction of their legal right to a refund.
- A contractor completes work on a construction project according to the terms of their contract with the property owner. The property owner acknowledges the work has been completed satisfactorily and pays the contractor in full as satisfaction of their contractual obligation.
- Two parties involved in a legal dispute agree to a settlement agreement in which one party agrees to pay a sum of money to the other in exchange for dropping the legal claim. Both parties acknowledge this agreement as satisfaction of their legal obligations to each other.
Legal Terms Similar to Satisfaction
- Performance: the fulfillment of contractual or legal obligations by one party to another.
- Restitution: the act of restoring something that was lost or stolen, often through payment of a sum of money or return of property.
- Settlement: an agreement between two parties to resolve a legal dispute, often involving the payment of money or other specific actions.