An accord is an agreement by parties to a contract to have a third party step in and fulfill part of the duties of a contract.

Name: An accord is an agreement by parties to a contract to have a third party step in and fulfill part of the duties of a contract.
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An accord is an agreement where the parties to a contract agree to accept some alternative performance in place of the performance originally due under the contract, not necessarily involving a third party to fulfill duties.

An Accord Is an Agreement by Parties to a Contract