A new agreement to pay less than the creditor claims is owed is called a(n)________.
A)satisfaction
B)accord
C)voluntary dismissal without prejudice
D)written compromise
E)written acknowledgement

Question

Quizplus · Accepted Answer

An accord and satisfaction is an arrangement between contracting parties whereby one of the parties substitutes a different performance for his or her original duty under the contract.In an accord and satisfaction,the "accord" is the new agreement to pay less than the creditor claims.

A New Agreement to Pay Less Than the Creditor Claims