James had a contract with Frasier to fix a plumbing issue at Frasier's home. The contract was made for $3,000. After the work was completed, Frasier then refused to pay anything unless James agreed to accept $2,500. 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?
A) duress
B) past consideration
C) accord
D) mirror image rule acceptance

Question

Quizplus · Accepted Answer

This kind of settlement is referred to as an accord, which is an agreement between parties to settle a dispute for different terms than originally agreed upon. In this case, James and Frasier reached an accord by modifying the original contract to include the additional work for $250.

James Had a Contract with Frasier to Fix a Plumbing