Vince owes colton $140,000 under a previous contract. vince does not have the money, but does own property worth approximately $140,000. colton agrees to accept the property instead of the money. this is:
The answer is accord. It is a proposal to substitute a dissimilar obligation for one that was beforehand unsettled, plus the recognition of that offer. Either of the parties convoluted can suggest an accord. If the recently substituted obligation is essentially performed, the act is named a satisfaction.
