What is required for the discharge of a contract via Accord and Satisfaction?

The concept of Accord and Satisfaction involves a specific process whereby two parties agree to modify the original contract terms as a means of resolving a dispute or fulfilling their obligations. The first part, "accord," refers to the mutual agreement between the parties to change the terms, which can include accepting a different form of performance or an alternative settlement. The second part, "satisfaction," typically occurs when one party performs their new obligations under the modified terms, thus fulfilling the contract.

In this context, mutual agreement to alter terms is essential because it lays the foundation for the new arrangement between the parties. Without this agreement, there can be no legitimate basis for discharging the original contract, as both parties need to consent to the new terms for the process to be legally binding. Thus, the requirement of a mutual agreement is a critical component of Accord and Satisfaction in discharging a contract.