In the above scenario,to avoid legal nuisance,Frasier decides to compromise with James.He asks James to fix a tap in the barn for $250,and modify the current contract to include the tap in the barn.James agrees to this,and does as asked while Frasier remakes the contract.Which of the following would this kind of settlement be referred to as?

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This kind of settlement is referred to as an accord, which is an agreement between parties to settle a dispute by agreeing to give or accept something else in return for what was originally promised. In this case, Frasier offered to pay James for fixing the tap in the barn, and in exchange, James agreed to modify the existing contract. This is a form of compromise that is often used to avoid legal disputes. Duress refers to a situation where one party is coerced or threatened into entering into an agreement, while past consideration refers to a situation where one party promises to do something in return for something that has already been done. The mirror image rule pertains to contract formation and requires that the acceptance of an offer be an exact and unqualified acceptance of the terms of the offer.

In the Above Scenario,to Avoid Legal Nuisance,Frasier Decides to Compromise