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Paralegal Exam Prep

Category - Contracts

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What is the difference between accord and satisfaction?
  1. Accord is a modification to a contract, while satisfaction is the performance of the accord contract.
  2. Accord and satisfaction are synonymous.
  3. Satisfaction is a contract to pay a stated amount to discharge a prior obligation while accord is the performance of the accord contract.
  4. Accord is a modification to a contract that allows a party to pay less than the contract amount while satisfaction is a modification to the contract that requires a party to pay more than the original contract amount.
  5. Accord and satisfaction is a phrase used to describe a modification of a contract, and neither word used alone has meaning in contract law.
Explanation
Answer: A. Accord is a modification to a contract while satisfaction is the performance of the accord contract. Parties to a contract are free to modify a contract. Such a modification is known as an accord. When the parties perform the contract as modified, then the accord, or the modified contract, has been performed.
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