In the context of contract law, what term describes a failure to perform the obligations set forth in the contract?

The term that accurately describes a failure to perform the obligations set forth in a contract is "Breach." A breach occurs when one party fails to fulfill their contractual duties, which can take many forms, such as not delivering goods on time, failing to pay when due, or not meeting the specific requirements outlined in the agreement.

A breach of contract can be either material or minor, depending on the severity and impact of the failure to perform. When a breach occurs, the non-breaching party may seek remedies such as damages or specific performance to address the failure.

While terms like termination and rescission may relate to the end of a contract or the unwinding of a contract due to certain conditions, they do not inherently address the concept of failure to perform obligations under the contract itself. Default usually refers to the failure to meet obligations, particularly in a financial context, but "breach" is the more precise legal terminology used in contract law to describe the situation of not adhering to contractual terms.