Under accord and satisfaction, if the creditor accepts the new performance, what is the legal effect?

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The main concept here is that accord and satisfaction replaces the old obligation with a new one, and when the new performance is accepted, the old debt is extinguished. If the creditor accepts the debtor’s offer to perform something different, that act serves as satisfaction of the original claim. So the original obligation is discharged—the substitute performance takes its place and ends the original duty. The creditor’s acceptance means there’s no remaining claim on the old terms; any future remedy would be based on the new agreement, not the original.