A more thorough explanation:

In contract law, performance refers to the action of completing obligations outlined in a contract. For a contract to be enforceable, there must be consideration, which means that one party promises something in exchange for a performance from the other party.

For example, if Party A promises to pay Party B $100 in exchange for painting their house, the painting of the house is the performance required of Party B. Once Party B completes the painting, they have fulfilled their obligations in the contract.

It's important to note that the completed performance does not have to be perfect, but it must meet the standard of substantial performance. This means that the performance must be completed to a reasonable degree of satisfaction.

If a party fails to adequately perform their role in a contract, it is considered a breach of contract. This can happen if a party does not perform their role at all, performs it with major defects, or only performs a portion of their obligations (partial performance).

For example, if Party B only paints half of Party A's house, this would be considered partial performance. Depending on the specifics of the contract, partial performance may be acceptable, but the compensation under the contract would be altered to reflect the level of performance.

In some cases, a breaching party may be required by a court to fulfill their obligations under a contract if there is no other way to make the situation just. This is called specific performance.

Overall, performance is a crucial aspect of contract law as it ensures that both parties fulfill their obligations and receive the benefits outlined in the contract.