What is the term for the failure to perform one or more terms of a legally enforceable contract?

The correct term for the failure to perform one or more terms of a legally enforceable contract is known as a breach of contract. This occurs when one party does not fulfill their obligations as outlined in the agreement, leading to potential legal consequences.

A breach can happen in various forms, such as failing to deliver goods or services on time, not paying on the agreed schedule, or not adhering to any specific conditions laid out in the contract. In many cases, the injured party has the right to seek remedies through legal action to enforce the terms of the contract or to receive compensation for losses incurred due to the breach.

Other terms may describe similar situations but do not precisely cover the legal implications as "breach of contract" does. For example, "failure of performance" is a broader term that could refer to various contexts of underperformance but lacks the legal specificity. "Contract default" often relates to a failure to meet financial obligations, particularly in loans, and "violation of contract" is treading on similar ground as breach but is less commonly used in legal terminology. Thus, breach of contract is the most precise and recognized term for this legal situation.