North Carolina § 1-540 - By agreement receipt of less sum is discharge.
Full text of North Carolina North Carolina General Statutes § 1-540 — By agreement receipt of less sum is discharge., with citation guidance and answers to common questions.
§ 1-540. By agreement receipt of less sum is discharge.
In all claims, or money demands, of whatever kind, and howsoever due, where an agreement is made and accepted for a less amount than that demanded or claimed to be due, in satisfaction thereof, the payment of the less amount according to such agreement in compromise of the whole is a full and complete discharge of the same. History (1874-5, c. 178; Code, s. 574; Rev., s. 859; C.S., s. 895.) Legal Periodicals. - For discussion of the law of contracts in relation to this section, see 13 N.C.L. Rev. 45 (1935).
Source: official North Carolina text · Last verified 2026-08-27
Frequently Asked Questions About North Carolina § 1-540
What does North Carolina General Statutes § 1-540 cover?
Section 1-540 ("By agreement receipt of less sum is discharge.") is part of the North Carolina General Statutes, the codified statutory law of North Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Carolina § 1-540?
A common citation format is "North Carolina General Statutes § 1-540" (North Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Carolina official source linked on this page or consult a licensed North Carolina attorney.
How does North Carolina § 1-540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Carolina.