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LSDefine

Simple English definitions for legal terms

consideration, failure of

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A quick definition of consideration, failure of:

Failure of consideration refers to a situation where a party fails to perform their contractual obligations, causing the basis or reason for the contract to become worthless. This term is often considered misleading as it relates to the performance of a contract rather than its formation. For example, if someone promises to build a structure for another person in exchange for payment, but fails to complete the work, this is considered a failure of consideration. There are two types of failure of consideration: partial and total. Partial failure occurs when a party only partially performs their obligations, while total failure occurs when there is a complete lack of consideration, which voids the contract entirely.

A more thorough explanation:

Definition: Failure of consideration refers to a seriously deficient contractual performance that causes a contract's basis or inducement to cease to exist or to become worthless. It is a situation where one party fails to perform their obligations under the contract, which makes the contract's purpose meaningless.

For example, if a contractor promises to build a house for a homeowner, and the homeowner promises to pay for the work when it is completed, there is consideration on both sides of the contract. However, if the contractor fails to build the house, it is considered a failure of consideration because the homeowner's promise to pay for the work is no longer valid.

It is important to note that failure of consideration is different from want of consideration, which refers to a situation where there was no consideration exchanged at the time of the contract's formation.

There are two types of failure of consideration:

  • Partial failure of consideration: This occurs when a party only partially performs their obligations under the contract. In this case, the appropriate part of the agreement can be apportioned to whatever has been completed.
  • Total failure of consideration: This occurs when the contract is indivisible, and a complete lack of consideration voids the entire contract.

Overall, failure of consideration is a serious breach of contract that can lead to legal consequences for the party that fails to perform their obligations.

conserve | consideration, want of

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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