An agreement whereby the parties agree to settle a contract dispute by accepting something different than in the original contract, and the subsequent performance of this agreement, is called a(n) ________.

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An accord and satisfaction is a legal agreement between parties to settle a dispute by both agreeing to accept terms that differ from the original contract. The "accord" is the agreement to settle the dispute, and the "satisfaction" is the execution of that agreement.

An Agreement Whereby the Parties Agree to Settle a Contract