Accord and satisfaction - sustany/dvg GitHub Wiki

Accord and satisfaction refers to the agreement (accord) between two contracting parties to accept alternate performance to discharge a pre-existing duty between them and the subsequent performance (satisfaction) of that agreement. The new performance is called the accord. The excusal of the initial performance obligation is called the satisfaction.�

An accord and satisfaction differs from a�modification�in that a modification immediately discharges a pre-existing duty, whereas an accord and satisfaction does not discharge a pre-existing duty until the agreed upon, alternate performance occurs.

See, e.g.�Rose Inn of Ithaca, Inc. v. Great American Ins. Co., 75 A.D.3d 737 (N.Y. App. Div. 2010).