failure of consideration

failure of consideration: failure of consideration: the neglect, refusal, or failure of a party to a contract to perform as promised or furnish the consideration promised; also: the extinguishment of the consideration or of the worth of the consideration promised

failure of consideration: n.
A condition that occurs when a contract’s consideration becomes worthless or no longer exists.

failure of consideration: The refusal or inability of a contracting party to perform its side of a bargain.

Category: Business, LLCs & Corporations

Category: Personal Finance & Retirement

failure of consideration: n. The doctrine that a contract is unenforceable where there is no reciprocity of benefits, because one party has given nothing in return for what he or she has received; the circumstances under which a contract becomes unenforceable for such a lack of reciprocity.

failure of consideration: As applied to contracts, this term does not necessarily mean a want of consideration, but implies that a consideration, originally existing and good, has since become worthless or has ceased to exist or been extinguished, partially or entirely. It means that sufficient consideration was contemplated by the parties at the time the contract was entered into, but either on account of some innate defect in the thing to be given, or nonperformance in whole or in part of that which the promisee agreed to do, nothing of value can be or is received by the promisee.

failure of consideration: As applied to contracts, this term does not necessarily mean a want of consideration, but implies that a consideration, originally existing and good, has since become worthless or has ceased to exist or been extinguished, partially or entirely. It means that sufficient consideration was contemplated by the parties at the time the contract was entered into, but either on account of some innate defect in the thing to be given, or nonperformance in whole or in part of that which the promisee agreed to do, nothing of value can be or is received by the promisee.

failure of consideration: n.

not delivering goods or services when promised in a contract. When goods a party had bargained for have become damaged or worthless, failure of consideration (to deliver promised goods) makes the expectant recipient justified to withhold payment, demand performance or take legal action.

See also: consideration, contract

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failure of consideration — As applied to notes, contracts, conveyances, etc., this term does not necessarily mean a want of consideration, but implies that a consideration, originally existing and good, has since become worthless or has ceased to exist or been extinguished … Black's law dictionary
failure of consideration — As applied to notes, contracts, conveyances, etc., this term does not necessarily mean a want of consideration, but implies that a consideration, originally existing and good, has since become worthless or has ceased to exist or been extinguished … Black's law dictionary
failure of consideration — The circumstance or combination of circumstances under which the consideration for a contract, which was sufficient at the inception of the contract, has become worthless, has ceased to exist, or has been extinguished, whether by nonperformance… … Ballentine's law dictionary
failure of consideration — without compensation, without recompense, without payment … English contemporary dictionary
failure of consideration — The refusal or inability of one party to a contract to carry out its side of the contract, especially by not delivering promised goods or services … Business law dictionary
consideration — con·sid·er·a·tion n: something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive ◇ Except in Louisiana, consideration is a necessary element to the… … Law dictionary
failure — fail·ure n 1: omission of occurrence or performance; specif: a failing to perform a duty or expected action a failure to mitigate damages failure to prosecute 2: a lack of success or adequacy failure of a suit 3: a failing in business … Law dictionary
partial failure of consideration — The failure of a party to a contract to receive all that was due him under the terms of the contract. A defense pro tanto; an excuse for nonperformance by the other party where there is no substantial consideration left in support of the promise… … Ballentine's law dictionary
consideration — The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party,… … Black's law dictionary
consideration — The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party,… … Black's law dictionary

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