2006 New York Code - Executory Accord.

 
    § 15-501. Executory  accord.  1.  Executory  accord  as  used  in this
  section means an agreement embodying a promise  express  or  implied  to
  accept  at  some future time a stipulated performance in satisfaction or
  discharge in whole or in part of any present  claim,  cause  of  action,
  contract,  obligation,  or  lease,  or  any  mortgage  or other security
  interest in personal or real property, and a promise express or  implied
  to  render  such  performance  in  satisfaction  or in discharge of such
  claim,  cause  of  action,  contract,  obligation,  lease,  mortgage  or
  security interest.
    2.  An  executory accord shall not be denied effect as a defense or as
  the basis of an action or counterclaim by reason of the  fact  that  the
  satisfaction  or  discharge  of  the  claim,  cause of action, contract,
  obligation, lease, mortgage or other  security  interest  which  is  the
  subject  of  the  accord  was to occur at a time after the making of the
  accord, provided the promise of the party against whom it is  sought  to
  enforce  the  accord  is  in  writing and signed by such party or by his
  agent. If executed by an agent, any promise required by this section  to
  be  in  writing which affects or relates to real property or an interest
  therein as defined in section 5-101 in any manner stated in subdivisions
  one or two of section 5-703 of this chapter shall be  void  unless  such
  agent was thereunto authorized in writing.
    3.  If  an executory accord is not performed according to its terms by
  one party, the other party shall be entitled either to assert his rights
  under the claim, cause of action, contract, obligation, lease,  mortgage
  or  other  security  interest  which is the subject of the accord, or to
  assert his right under the accord.