When one party in an already existing contract agrees to a different performance than the one that they are entitled to under the first contract is called as an Accord, wherein satisfaction comes in when the promisor performs the accord.
A simple example which illustrates accord and satisfaction is when a person X owes a certain amount of money to Y as per an existing agreement, but unfortunately when the debtor offers to repay the debt in other means by giving off one of their property for the actual debt is when accord comes in. An accord is a new agreement which has the details of the initial debt and the new contractual terms. When Y accepts the property for the debt satisfaction occurs.
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