Word of the Month for August 2014: Accord

I have little kids and as most kids are wont to do, they get stuck on a favorite movie that they want to watch over and over and over.  The movie last month was Pirates of the Caribbean starring Johnny Depp and Geoffrey Rush.  Once or twice is ok but 20? In a week?!?!  Alright, I'm sick of the flick - but not so sick of it to not notice the legalistics of the movie.  Remember those scenes where after a short discussion on what one party wants, Mr. Rush says with a flourish, "Then, we have an Accord" and then launches off and does what he wanted to do anyway because the other party did not specifically outline every specific detail of their intent in their "agreement."  Remember that part?  Well, I do - because I've seen it over and over and over and it all brings us to our word of the month:  ACCORD.

According to Black's Law Dictionary, an ACCORD is an amicable arrangement between parties, especially between peoples or nations.  The performance (of the ACCORD) becomes what is known as a satisfaction.  In layman's terms, an ACCORD is a fancy way of saying "contract."

Still a bit fuzzy on the concept?  How's about an example.  Say the neighborhood bully is picking on you and you want them to leave you alone.  You go to the Bully and say, "Bully - I want you to stop pushing me down whenever you come by me or else I will sue you."  Bully says, "Is that all?"  You say, "Yes" and the Bully says, "Then we have an accord."  The Bully walks past you and burns down your house because you didn't say they couldn't (i.e. it wasn't part of the ACCORD).  Those are the little details we were talking about that should probably not be left out of the original agreement.

Need to read up on ACCORD?  Might I suggest you hoof it over to your local county law library and look at:

• Williston on Contracts (TR)
• Farnsworth on Contracts (Aspen)
• Working with Contracts (PLI)
• Writing Contracts (Carolina Academic Press)
• Perspectives on Contract Law (Aspen)
• Drafting Business Contracts: principles, techniques, and forms (CEB)

The more you know about business, the less people can take advantage of you.  So head on over to your local county law library so next time you talk to the Bully, you won't be taken to the cleaners.