Contracts
Under North Dakota contract law, 'accord and satisfaction' means:
AA court-ordered settlement
BAn agreement to accept a different performance in satisfaction of an existing obligation, which discharges the original obligation✓ Correct
CMutual cancellation of a contract
DPerformance of a contingency
Explanation
Accord and satisfaction occurs when the parties agree to substitute new performance (accord) for the original obligation, and upon the new performance being completed (satisfaction), the original obligation is discharged.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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