Section 8-1-20 “Accord” defined. An “accord” is an agreement to accept in extinction of an obligation something different from or less than that to which the person agreeing to accept is claiming or entitled. (Code 1923, §5640; Code 1940, T. 9, §1.)
Section 8-1-21 Obligation not extinguished by accord until executed. Though the parties to an accord are bound to execute it, it does not extinguish the obligation until it is fully executed. (Code 1923, §5641; Code 1940, T. 9, §2.)
Section 8-1-22 Accepting accord consideration deemed satisfaction. Acceptance of the consideration of an accord extinguishes the obligation and is called satisfaction. (Code 1923, §5642; Code 1940, T. 9, §3.)
Section 8-1-23 Obligation extinguished by new consideration or writing. An obligation is extinguished by a release therefrom given to the debtor by the creditor upon a new consideration or in writing with or without new consideration. (Code 1923, §5643; Code 1940, T. 9, §4.)
