What is an accord and satisfaction, and how does it affect the original obligation?

• A. An accord replaces the original obligation with a new one without any performance.
• B. An accord is an agreement to accept a different performance; satisfaction occurs when performed; the original obligation is discharged.
• C. An accord creates a new contract while keeping the old one alive.
• D. Satisfaction occurs at the time the new performance is promised.

Answer: (B)