Which term describes the condition of having good fortune?

The term that describes the condition of having good fortune is "prosperity." This word encompasses a state characterized by wealth, success, or a flourishing condition, often referring to overall well-being and favorable outcomes in various aspects of life, including financial stability and happiness. In the context of good fortune, prosperity implies an abundance of good things, such as opportunities, resources, and positive experiences.

The other options present different meanings: "rancor" refers to bitterness or resentment, "quandary" signifies a state of perplexity or uncertainty, and "punctilious" describes someone who is very careful about every detail or strict in observing rules, particularly in social behavior. These terms do not relate to the idea of having good fortune, making "prosperity" the clear choice for this question.