An accord and satisfaction is a method of discharging a contract, or settling a cause of action arising either from a contract or a civil wrong (tort), by substituting for the contract or cause of action an agreement for its satisfaction and the performance of the substituted agreement. The accord is the agreement; the satisfaction is the performance of the agreement.
To create an accord there must be a substitute offer in full satisfaction of an existing claim, accompanied by a declaration amounting to a condition that if the offer is accepted it will be in full satisfaction of the original claim.
