What term refers to the fulfillment of an obligation, duty, or contract?

Performance is the correct term referring to the fulfillment of an obligation, duty, or contract in the context of real estate and legal agreements. When a party carries out the terms of a contract, such as completing a sale or fulfilling a lease agreement, they are said to be performing their contractual duties. This ensures that both parties involved in the agreement receive the benefits and obligations that were established.

The other terms, while related, do not precisely capture the specific act of fulfilling a contract. Obligation refers to the legal or moral duty that one party has towards another, but it does not indicate the act of carrying out that duty. Execution can imply carrying out actions but is more commonly associated with the formal signing or implementing of a document, rather than the actual performance of obligations. Compliance often indicates adherence to laws or regulations rather than the fulfillment of a contract's terms. Therefore, performance accurately encapsulates the act of meeting contractual obligations.