Which statement about the duty of performance is true?

The duty of performance refers to the legal obligation that a party has to fulfill their contractual commitments as outlined in the agreement. This obligation is clearly defined within the contract and is expected to be met as specified, which is why this statement is accurate.

In any contract, the parties involved agree to certain terms that dictate what each will do or provide. The obligation to perform as promised means that each party must adhere to these terms to fulfill the contract's purpose. If a party fails to meet this obligation, they may be in breach of contract, which could lead to legal consequences or the opportunity for the other party to seek remedies.

The other statements are inaccurate as they either mischaracterize the nature of the duty of performance or imply conditions that do not align with general contract law principles. Thus, the essence of the duty of performance is grounded in fulfilling promises made within the contract, making it essential for the enforcement and viability of contractual agreements.