Section 13-4-101. Elements and requirements of accord and satisfaction generally

   Accord and satisfaction occurs where the parties to an agreement, by a subsequent agreement, have satisfied the former agreement, and the latter agreement has been executed. The execution of a new agreement may itself amount to a satisfaction of the former agreement, where it is so expressly agreed by the parties; and, without such agreement, if the new promise is founded on a new consideration, the taking of it is a satisfaction of the former agreement.

Orig. Code 1863, § 2819; Code 1868, § 2827; Code 1873, § 2878; Code 1882, § 2878; Civil Code 1895, § 3732; Civil Code 1910, § 4326; Code 1933, § 20-1201.