Loren and Izra's contract is in dispute. Loren makes an offer to accept less money than the parties agreed on and Izra pays the new amount. Loren and Izra have completed a(n) ________.
A) satisfactory past consideration contract
B) detrimental reliance contract
C) accord and satisfaction
D) compliance agreement
E) acknowledged change order

Question

Quizplus · Accepted Answer

An accord and satisfaction occurs when parties to a contract agree to change the obligation required under the contract and the new obligation is fulfilled. In this case, Loren and Izra agreed to change the amount of money to be paid, and Izra paid the new amount, completing an accord and satisfaction.

Loren and Izra's Contract Is in Dispute