Accord and Satisfaction

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An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement. An accord and satisfaction differs from a modification in that a modification immediately discharges a preexisting duty, whereas an accord and satisfaction does not discharge a preexisting duty until the agreed upon, alternate performance occurs.

Illustrative caselaw

See, e.g. Rose Inn of Ithaca, Inc. v. Great American Ins. Co., 75 A.D.3d 737 (N.Y. App. Div. 2010).