An obligee's promise to accept a stated performance in satisfaction of the obligor's existing contractual duty creates an accord.

Question

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This statement accurately describes the concept of an accord in contract law. An accord is an agreement between parties to accept a stated performance in satisfaction of an existing contractual duty. Once the parties have agreed on the accord, the obligor is discharged from the original duty if the accord is performed.

An Obligee's Promise to Accept a Stated Performance in Satisfaction