Which term refers to when a considerable amount of the contract is completed and accepted?

Substantial Performance is the correct term that refers to a situation where a considerable amount of the contract has been completed and accepted, even if some minor terms of the contract have not been fully met. This concept is especially important in contract law, as it recognizes that when the essential duties of a contract are performed, the performer may still be entitled to payment or completion of the contract obligations.

In many cases, substantial performance allows for the assurance that the primary intentions of the contract have been satisfied, ensuring that one party is not unfairly penalized for minor deviations from the agreed terms. This principle balances the interests of both parties in the context of contractual obligations, affirming that the work done fulfills the core purpose of the agreement.

Understanding substantial performance is vital for parties in a contract, as it provides clarity on how to proceed when there are disputes over contract fulfillment. In contrast, other terms like Partial Performance specifically relate to the extent of completion that doesn’t meet the criteria for substantial fulfillment, and Specific Performance involves fulfilling the exact terms of a contract when monetary compensation isn’t adequate. Accord and Satisfaction, meanwhile, is a different concept that refers to resolving a dispute by agreeing to a settlement.