Accord and Satisfaction: Discussions in Contracts Podcast
This podcast explains the concept of Accord and Satisfaction, with a focus on when an accord is formed and when performance under the accord results in a satisfaction. This concept differs from modification. With accord and satisfaction, one party has completed performance and the other party’s only obligation is to render its performance -- usually the payment of money. So the party who has performed is in the position of a creditor and the party who has not performed is in the position of a debtor.