Executory Accord

Definition of Executory Accord

An agreement for the future discharge of an existing claim by a substituted performance; it is the promised performance that is to discharge the existing claim, not the promise to render performance. Elliot v. Whitney, 215 Kan. 256, 524 P.2d 699, 703. Two principal categories of compromise agreements are “executory accord”, providing for acceptance in future of stated performance in satisfaction of claim, and “substituted contract” which itself is accepted as substitution for and extinguishment of existing claim. Johnson v. Utile, 86 Nev. 593, 472 P.2d 335, 337.

That's the definition of Executory Accord in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.