What Is the "Accord" in an Accord and Satisfaction Under

question 148

Multiple Choice

What is the "accord" in an accord and satisfaction under contract law?

• A) any agreement that has been fully performed
• B) an agreement made in order to settle a dispute of an earlier contract that is not valid because the terms of the earlier contract will control
• C) an agreement made in order to settle a dispute of an earlier contract that eliminates all legal effect of the earlier contract upon the accord's formation
• D) an agreement made to correct an illusory promise made in a contract
• E) an agreement made in order to settle a dispute of an earlier contract that, if not satisfied, allows a lawsuit to enforce either the original contract or the accord

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Definitions:

Interest Rate

The interest rate is the percentage of a sum of money charged for its use, determining the cost of borrowing or the reward for saving.

Income

Money received on a regular basis from work, investments, business, or other sources.

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to the level of satisfaction or utility those bundles provide.

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the amount loaned.