The "Performance Date" is the date on which a contract was signed by all necessary parties. This may or may not be the "effective date" of the contract, which may or may not be indicated in the body of the document. For example, Susan signs a lease on April 3 with a May 1 move-in date. The date of execution of the lease is April 3, but the effective date is May 1. One of the most common mistakes we`ve seen from landlords in commercial leases has nothing to do with the content of the lease itself. Once you run it, you bought it. Your only way out of the deal may be to go to court. The most important of the documents is the purchase contract, the contract that obliges the seller to transfer ownership of the property to the buyer against payment of the purchase price. When the contract is performed depends on what you mean the term. John has looked at a car he wants in a parking lot and discusses the advisability of buying it. John eventually decides to buy, goes to the dealership, signs a lease in which he agrees to pay a certain amount each month until the car is refunded, or he returns the car at the end of the rental.