§ 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.