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Simple English definitions for legal terms

consideration, failure of

Read a random definition: Voluntary

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to build the house, it is considered a failure of consideration because the homeowner's promise to pay for the work is no longer valid.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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shaquilleoatmeal
18:00
you want the long or short story ?
WorthlessAttractiveZombie
18:01
So no GULC, eh?
babycat
18:06
long story. we can go to off topic
no gtown still ?
babycat
18:06
she must’ve had weird vibes if it’s a long story
Kittencattigermeow
18:08
does anyone know what issues UNH is facing?
guys i just spent $200 on groceries. joe biden why did you do this to me
will trump make eggs cheap again
BulbasaurNoLikeCardio
18:10
I spent $600 on a custom AR10 upper in September and just got called and told they now may not ship it until fucking January. Trump needs to make my ship shit faster.
18:10
They making food more expensive so less fats
18:10
trust
babycat
18:11
RFK future
18:12
You need to perform Kennedy Presidential Fitness Test to graduate law school
18:12
Over/under on t14 students
18:12
70%?
18:12
20?
18:13
Babycat are you drinking the chemical waters
BulbasaurNoLikeCardio
18:13
Told them this is ridiculous and they took $140 off so my patience has been bought. Now I need to find another distraction from this shitty teacher
18:13
Original price was 460 they just ripped ya off
18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
BulbasaurNoLikeCardio
18:18
@BulbasaurNoLikeCardio: they blaimed it on their IT team for not updating it as out of stock when I paid but like buying something in stock in September then being told I won't get it until mid January is pretty wild. I do not hunt anymore but their mistake would of caused me to miss the entire season. If it wasn't so hard to get left handed ARs I would of gone elsewhere
oh that's kind of worth more than $140
that's at least $300
18:19
@BulbasaurNoLikeCardio: what you gonna do when january hits and they are like "it still isnt here come back in april"
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