Abstract. We study a generalization of the Fréchet functional equation, stemming from a characterization of inner product spaces. We show, in particular, that under some weak additional assumptions each solution of such an equation is additive. We also obtain a theorem on the Ulam type stability of the equation. In its proof we use a fixed point result to show the existence of an exact solution of the equation that is close to a given approximate solution.Mathematics Subject Classification. 39B52, 39B82, 47H10.