What is required for an accord to be supported?

An accord requires that the parties come to a new agreement that resolves a previous dispute, and this new agreement must have support through consideration. Consideration is a fundamental requirement in contract law, referring to something of value that is exchanged between the parties.

The correct answer indicates that the accord can be supported by consideration of lesser value, provided the consideration offered is different from what was originally due. This is significant because as long as the new consideration is valid and distinct from the original obligations, it can effectively support the new agreement. The law often allows parties the flexibility to agree to a different performance, even if that performance is perceived to be less valuable. This is consistent with the principle that contracts can be modified or settled as long as both parties agree to the new terms.

The notion that consideration can be lesser in value is particularly relevant when discussing settlements or compromises, where one party may accept something different (and possibly less) in order to resolve a dispute. Therefore, this understanding encapsulates the essential nature of an accord in which something different (even if lesser) suffices as valid consideration.

In contrast, requiring an additional party, equal value consideration, or formal documentation of contracts does not reflect the essential flexibility inherent in accords and compromises within contract law.