- failure of consideration
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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
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- failure of consideration
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n.A condition that occurs when a contract’s consideration becomes worthless or no longer exists.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- failure of consideration
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The refusal or inability of a contracting party to perform its side of a bargain.Category: Business, LLCs & CorporationsCategory: Personal Finance & Retirement
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- failure of consideration
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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.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- failure of consideration
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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.
Dictionary from West's Encyclopedia of American Law. 2005.
- failure of consideration
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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.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- failure of consideration
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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.
Law dictionary. EdwART. 2013.