Question

James had a contract with Frasier to fix Frasier's plumbing issue at his home. The contract was made for $3,000. But after the work was completed, Frasier refused to pay anything unless James agreed to accept $2,500.
In the above scenario, to avoid legal nuisance, Frasier decides to compromise with James. He asks James to fix a tap in the barn for $250, and modify the current contract to include the tap in the barn. James agrees to this, and does as asked while Frasier remakes the contract. Which of the following would this kind of settlement be referred to as?

accord
duress
mirror image rule acceptance
past consideration
accord

Answer 1

Answer:

The answer is accord.

Explanation:

An accord is  an agreement between two parties that satisfies a contract dispute by discharging an original contract duty and providing an alternate performance of the agreement.