In Denburg v. Parker Chapin Flattau & Klimpl, 82 NY2d 375, 383 (1993) the Court of Appeals discussed the distinction between "the settlement devices of accord and satisfaction' and substituted agreement.'" An accord is an agreement that a stipulated performance will be accepted, in the future, in lieu of an existing claim . The distinctive feature of an accord and satisfaction is that the obligee does not intend to discharge the existing claim merely upon the making of the accord; what is bargained for is the performance, or satisfaction. If the satisfaction is not tendered, the obligee may sue under the original claim or for breach of the accord . By contrast, the parties may intend that a new agreement, though executory, will immediately discharge the existing obligation. . That is a substituted agreement.