MLchartDataset catalogue

Accord

Term · Law · MLC-T-LAW-000308

An agreement between two or more parties to substitute a new performance for a prior obligation. This new agreement, known as the accord, does not discharge the original duty until the new performance is completed. The original obligation is extinguished only upon the satisfaction of the accord, which is the actual execution of the new performance.

Table 1. Record
IdentifierMLC-T-LAW-000308
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000308",
  "term": "Accord",
  "field": "Law",
  "definition": "An agreement between two or more parties to substitute a new performance for a prior obligation. This new agreement, known as the accord, does not discharge the original duty until the new performance is completed. The original obligation is extinguished only upon the satisfaction of the accord, which is the actual execution of the new performance.",
  "url": "https://mlchart.com/terminology/law/accord/"
}

Record 69 of 5,441 in Law terminology (MLC-0107). Request the full dataset.