Which of the following terms refers to refraining from doing something as a part of a contract?

The correct term that refers to refraining from doing something as part of a contract is forbearance. In a contractual context, forbearance occurs when one party agrees not to act in a particular manner, which can create a binding obligation in a contract. This can involve a party not exercising a right that they legally have, which can serve as a significant element in a contractual agreement. For example, a lender may agree to forbear from collecting interest for a certain period as part of a loan agreement.

Obligation pertains to the duties imposed on a party by a contract, while consideration refers to the value that parties exchange in a contract (which can include promises, actions, or forbearance). Concurrence generally refers to mutual agreement or consent between parties, and while it is an important aspect of contracts, it does not specifically address the act of refraining from action. Thus, forbearance is the most precise term related to the agreement to abstain from certain actions within the framework of contract law.