What term best describes the fulfillment of an obligation or contract?

The term that best describes the fulfillment of an obligation or contract is "performance." In the context of contracts, performance refers to the execution of the duties and responsibilities that are outlined within that contract. It involves carrying out the agreed-upon actions, meeting the specified conditions, and achieving the contractual outcomes. Performance is central to the legal concept of contracts, as it indicates that the parties involved have done what they agreed to do.

Commitment might relate to the intent to fulfill an obligation, but it does not specifically denote the act of fulfillment itself. Completion refers more to the idea of bringing something to an end or finalizing a task, which could imply performance but lacks the direct linkage to the contractual obligations being met. Delivery generally refers to the act of transferring goods or services but does not encompass the broader aspects of fulfilling a contract as a whole. Therefore, performance accurately captures the entire essence of fulfilling an obligation or contract.