What defines an accord in contract law?

In contract law, an accord is specifically defined as an agreement between parties to accept a different performance than what was originally stipulated in the contract. This means that one party agrees to fulfill their contractual obligation in a different way than originally required, often in order to settle a dispute or avoid potential litigation. An accord typically leads to a subsequent agreement called a "satisfaction," which is the actual fulfillment of the new terms agreed upon.

This distinction is crucial because it highlights the nature of the agreement: instead of simply continuing to perform the original contract, the parties are agreeing to a modification that diverges from the initial obligations. This can be useful in situations where the original performance is impossible or impractical and allows both parties to reach a common ground without further conflict.

Other options would pertain to different constructs within contract law, such as the original contract terms (which would not represent an accord) or termination of the contract (which is a separate legal matter). Additionally, it is important to note that an accord often requires consideration for it to be enforceable, which makes the option indicating no consideration inaccurate.