accord and satisfaction:
1. An agreement to substitute for an existing debt some alternative form of discharging that debt, coupled with the actual discharge of the debt by the substituted performance. The new agreement is called the accord, & the discharge is called the satisfaction. 
1. An executed agreement of accord. 1 Am J2d Accord § 1.
In order to be a satisfaction there must be an accord or agreement to accept in extinction of the obligation something different from or less than that which the creditor is claiming or is entitled to. The acceptance of the consideration of an accord satisfies the obligation. Homewood Dairy Products Co. v Robinson, 254 Ala 197, 48 So 2d 28, 22 ALR2d 1059. 
1. An agreement between two persons, one of whom has a cause of action against the other, in which the claimant accepts a compromise in full satisfaction of his claim. 
Excerpt from E.W. Chance’s Principles of Mercantile Law (P.W. French ed. 1950):
“‘Accord & satisfaction’ means an agreement between
the parties that something shall be given to, or done for, the person who has the right of action, in satisfaction of the cause of action. There must be not only agreement (‘accord’) but also consideration (‘satisfaction’). Such an arrangement is really one of substituted performance.” 
Disclaimer: All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use.
: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4
: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949). Edited by William S. Anderson. © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY. Library of Congress Catalog Card No. 68-30931
: Ballantine’s Law Dictionary Legal Assistant Edition by Jack Ballantine (James Arthur 1871-1949). Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning. ISBN 0-8273-4874-6.
: 1 E.W. Chance, Principles of Mercantile Law 101 (P.W.
French ed. 1950)
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