§ 1523 Accord And Satisfaction

Acceptance, by the creditor, of the consideration of an accord extinguishes the obligation, and is called satisfaction. (Enacted 1872.) [1524.]     Section Fifteen Hundred and Twenty-four. Part performance of an obligation, either before or after a breach thereof, when expressly accepted by the creditor in writing, in satisfaction, or rendered in pursuance of an agreement in writing for that purpose, though without any new consideration, extinguishes the obligation. (Amended by Code Amendments 1873-74, Ch. 612.)