Contracts
What is 'accord and satisfaction' in Delaware contract law?
ABoth parties agree to all contract terms
BAn agreement to accept different consideration than originally contracted (accord) and the completion of that performance (satisfaction), discharging the original obligation✓ Correct
CThe court's satisfaction that a contract has been breached
DA process for mediating contract disputes
Explanation
Accord and satisfaction is a discharge of a contractual obligation by accepting substitute performance. The 'accord' is the agreement to accept different performance; the 'satisfaction' is the actual completion of the substitute performance.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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