What does "satisfaction" refer to in the context of an accord?

In the context of an accord, "satisfaction" specifically refers to the performance of the terms agreed upon in the accord. An accord arises when parties to a dispute agree to settle that dispute by accepting different terms than originally stipulated in their binding agreement or contract.

Once the accord is executed, the completion of the agreed terms—such as making a payment, delivering goods, or fulfilling services—constitutes satisfaction. It is the fulfillment of the new agreement that leads to the extinguishment of the original obligation.

While termination of the original agreement, negotiation of a new contract, and revocation of rights may involve aspects of contracting and settlement, they do not accurately capture the essence of satisfaction, which is a clear process of compliance with the agreed-upon terms, leading to resolution and completion of contractual obligations between the parties.