What term refers to what the parties do during the performance of this specific contract?

The correct term that refers to what the parties do during the performance of a specific contract is "Course of Performance." This term is used in contractual discussions to indicate how the parties conduct themselves in relation to the contract after it has been executed. It highlights the actions, behaviors, and obligations fulfilled as part of the contract execution, providing insight into the intent of the parties and how they interpret their agreements.

"Course of Performance" is particularly significant in understanding the nuances of the contract, especially in instances where ambiguities may arise. By examining the way the parties actually carried out their responsibilities, one can infer their mutual understandings and agreements, which can be very useful in resolving disputes or interpreting contract terms.

In contrast, the other terms, while related to business and contractual operations, do not specifically capture the essence of actions taken regarding a singular contract's performance. "Course of Conduct" typically refers to the overall behavior of the parties in various situations, "Business Practices" encompasses standard protocols within a business, and "Contractual Standards" relate to the established norms and expectations in contractual dealings.