An accord may be an express agreement or it may be implied from the circumstances surrounding the transaction. An accord and satisfaction need not be in writing.
A mutual assent or agreement or a meeting of the minds is required for a valid accord and satisfaction between two parties. The thing agreed to be given or done in satisfaction must be offered and intended by the debtor as full satisfaction, and accepted as such by the creditor. There will not be accord and satisfaction where there is no agreement to settle all matters in dispute.