If an obligee promises to accept a stated performance in satisfaction of the obligor's existing contractual duty, this creates an accord.

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This statement accurately describes the creation of an accord. An accord is an agreement between the parties to accept a different performance than originally agreed upon in satisfaction of the existing contractual duty. Once the accord is executed, the original duty is discharged, and the new performance becomes the obligor's duty.

If an Obligee Promises to Accept a Stated Performance in Satisfaction