Bar Exam Tip: Accord and Satisfaction

Have you ever heard of accord and satisfaction and didn't know what it meant? I didn't until recently.

An accord is a substituted new or different obligation in place of the original obligation. It suspends the obligation under the original contract until the obligation under the accord is fulfilled (satisfaction.)

But if the obligation in the accord is not fulfilled, the non breaching party can seek a remedy under either the original contract or the accord.