An agreement whereby parties agree to accept something different in satisfaction of the original contract is called a(n)________.
A) accord
B) discharge
C) novation
D) accommodation

Question

Quizplus · Accepted Answer

An accord is an agreement between parties to accept something different in satisfaction of the original contract. It is a contract itself, and therefore creates new obligations between the parties. A discharge is the termination of a contract, either by performance or agreement between the parties. Novation is the replacement of an original party or obligation with a new party or obligation. Accommodation is a term that can refer to various aspects of contract law, but it does not specifically relate to an agreement to accept something different in satisfaction of a contract.

An Agreement Whereby Parties Agree to Accept Something Different in Satisfaction