accord

1. An agreement between two persons, one of whom has a right of action against the other, to settle the dispute. In a debtor/creditor relationship, an agreement between the parties to settle a dispute for some partial payment. It is called an accord because the creditor has a right of action against the debtor. A satisfaction agreed upon between the party injuring and the party injured which, when performed, is a bar to all actions upon this account.

An accord being a contract, the requirements of mutual assent and consideration must be met. Buob v. Feenaughty Machinery Co., 191 Wash. 477, 71 P.2d 559, 564.

An agreement whereby one of parties undertakes to give or perform, and other to accept, in satisfaction of liquidated or disputed claim arising in either contract or tort something different or less from what he is or considers himself entitled to; and "satisfaction" is execution or performance of agreement. Harris, Upham & Co., Inc. v. Ballantyne, Tex.Civ.App., 538 S.W.2d 153, 158.

It may arise both where the demand itself is unliquidated or in dispute, and where the amount and nature of the demand is undisputed, and it is agreed to give and take less than the demand.

See accord and satisfaction

- compromise and settlement

- executory accord

- satisfaction

2. verb

In practice, to agree or concur, as one judge with another. In agreement with.

See concur

- concurring opinion