Contract
Performance

Performance refers to the completion of the tasks or obligations anticipated in the contract. In some cases, such as a retail purchase transaction, the formation and performance of the contract occur at the same time, but when a contract involves a promise to do something in the future, performance refers to the later fulfillment of that promise. Performance varies according to the particular circumstances. While a contract is being performed, it is called an executory contract, and when it is completed it is an executed contract. In some cases there may have beed substantial performance but not complete performance, which allows the performing party to be partially compensated.
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