An accord is a contract by which an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty.
An accord is an agreement to accept anything of value in exchange for waiving one's right to sue the other. It is a contract between two parties that resolves a contractual disagreement by completing an initial obligation and offering an alternative form of performance. Treaty is often interchanged with the word accord. This is frequently an agreement to remove criminal charges provided another requirement is met.
With an accord, the wronged party is given back property that was wrongfully taken from them in exchange for their pledge not to file a lawsuit. Both parties must be aware of the contract's terms and it must be specific. An agreement also exists when one party accepts a substitute obligation for the original responsibility set forth in the contract. The contract is deemed executory if all of its terms have been met.
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