An agreement for the future discharge of an existing claim by a substituted performance is known as an “executory accord”. [i]  Where the parties agree that a mere promise of a new performance will satisfy the prior obligation, the executory accord is enforceable.  Thus, an executory accord is unenforceable and will not bar enforcement of the original obligation unless the creditor has clearly accepted the new promise of the future performance as satisfaction.  However, the new agreement must be based upon new consideration.[ii]

[i] Collection Professionals, Inc. v. Logan, 296 Ill. App. 3d 959, 231 Ill. Dec. 225, 695 N.E.2d 1344 (3d Dist. 1998)

[ii] Bruce Tile Co. v. Copelan, 185 Ga. App. 469, 364 S.E.2d 603 (1988)