An agreement to settle a debt for less than the sum claimed is referred to as?
A)a promisory estoppel.
B)an accord.
C)a satisfaction.
D)rescission.

Question

Quizplus · Accepted Answer

An agreement to settle a debt for less than the sum claimed is referred to as an accord. This term is often used in contract law to refer to an agreement between two parties to resolve a dispute or fulfill an obligation for less than the full amount originally claimed. Once the accord is fulfilled, it is referred to as a satisfaction.

An Agreement to Settle a Debt for Less Than the Sum