What is defined as a new agreement between parties already under contract?

An accord is the term used to describe a new agreement that modifies or replaces an existing contract between parties who are already bound by the original agreement. In the context of contract law, an accord occurs when the parties agree to perform a different obligation than what was stipulated in the original contract. This new obligation is often aimed at resolving a dispute or addressing a breach of the original contract.

Once the accord is executed and the parties fulfill their obligations under the new agreement, it often leads to what is called "satisfaction," which signifies that the parties have settled the original obligation. The terms "settlement" and "transfer" do not accurately describe this specific legal concept. A settlement refers more broadly to an agreement that resolves a dispute, while a transfer relates to the assignment or conveyance of rights or interests from one party to another. Thus, in the context of the question, an accord is distinctly recognized as a redefined agreement that emerges between parties already in an existing contractual relationship.