What is an accord in contract law?

An accord in contract law refers specifically to an agreement between parties to settle a dispute or fulfill an obligation under a contract that is not being fully performed. This settlement often involves a promise to perform a different act from what was originally agreed upon. The key aspect of an accord is that it is a new agreement that alters the original terms of the contract, often to accommodate one party's inability to fulfill the original obligations.

In contrast, a formal offer to enter into a new contract, a written document affirming contract terms, or a termination of a previous contract do not encapsulate the essence of what an accord is. An accord is primarily concerned with resolving disputes or modifications of obligations through mutual agreement.