accord and satisfaction.An agreement to substitute for an existing debt some alternative form

of  discharging  that  debt,  coupled  with  the  actual  discharge  of  the  debt  by  the  substituted

performance. • The new agreement is called the accord, and the discharge is called the satisfaction.

Cf.  COMPROMISE;  NOVATION;  SETTLEMENT(2),  (3).  [Cases:  Accord  and  Satisfaction

1.C.J.S. Accord and Satisfaction §§ 2–17, 25–33.]

“ ‘Accord and satisfaction’ means an agreement between the parties that something shall be

given to, or done for, the person who has the right of action, in satisfaction of the cause of action.

There  must  be  not  only  agreement  (‘accord’)  but  also  consideration  (‘satisfaction’).  Such  an

arrangement  is really  one  of  substituted  performance.”  1  E.W.  Chance,  Principles  of  Mercantile

Law 101 (P.W. French ed., 13th ed. 1950). [Blacks Law 8th]