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LSDefine

Simple English definitions for legal terms

fail

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A quick definition of fail:

Term: FAIL

Definition: Fail is when two people who trade stocks or other investments don't complete the trade on the day they agreed to. This can happen when one person doesn't give the investment they promised to, or when the other person doesn't pay for it. It's like not finishing your homework on time. Fail can also mean when a business or bank can't pay its debts and goes out of business.

A more thorough explanation:

Fail is a term used in the world of securities brokers. It refers to a situation where the delivery and payment of securities do not happen on the agreed-upon settlement date. This is also known as a fail contract. There are two types of fails:

  • Fail to deliver: This is when the selling broker fails to deliver the securities to the buying broker by the settlement date.
  • Fail to receive: This is when the buying broker fails to receive the securities from the selling broker by the settlement date.

Fail can also be used as a verb with three different meanings:

  1. To be unsuccessful or fall short of expectations. For example, "The company failed to meet its sales targets."
  2. To become bankrupt or insolvent. For example, "The business failed due to poor financial management."
  3. To lapse or become invalid. For example, "The contract failed because one of the parties did not fulfill their obligations."

Example 1: A broker agrees to sell 100 shares of a company to another broker for $10,000. The settlement date is set for two days later. However, on the settlement date, the selling broker fails to deliver the shares to the buying broker. This is an example of a fail to deliver.

Example 2: A broker agrees to buy 100 shares of a company from another broker for $10,000. The settlement date is set for two days later. However, on the settlement date, the buying broker fails to receive the shares from the selling broker. This is an example of a fail to receive.

Example 3: A company signs a contract with a supplier to deliver goods within a month. However, the supplier fails to deliver the goods within the agreed-upon time. This is an example of a fail to fulfill obligations.

These examples illustrate how a fail can occur in the world of securities brokers and how it can also refer to other situations where there is a failure to fulfill obligations.

faggot | failed devise

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Dkk
13:29
I'm at your mommas house rn: https://x.com/Mansavelli_/status/1648073454665572352
triplethread
13:29
im addicted to reacting to all of the decisions
triplethread
13:29
with the emojis
HopefullyInLawSchool
13:29
I shop at Joe
HopefullyInLawSchool
13:29
Joe's
glovediedthisishismom
13:30
i shop at tawget
glovediedthisishismom
13:30
im dawk gawthic maga
triplethread
13:30
i shop at giant eagle
ForDizzyDJoy
13:31
How did i miss Fordham and American’s wave and I applied in september 🙃
13:33
Lol UC Davis took me of ED and put me in RD
13:34
surprised I didnt get straight denied
HopefullyInLawSchool
13:34
they emailed you/
HopefullyInLawSchool
13:34
?
13:35
@HopefullyInLawSchool: Yea, I just got it
i just want a cornell ii :(
13:37
yak you will be fucking shit up at cornell this time next year dw
i love u
13:38
love you too bby
glovediedthisishismom
13:42
what if desantis appoints lara trump and matt gaetz to be floridas senators
Dkk
13:42
Sounds good to me
HopefullyInLawSchool
13:43
@glovediedthisishismom: What if he appoint Ym instead?
HELP
every damn opportunity
13:47
do schools straight reject people from ed or to they always ed-rd if its a no for ED?
HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
13:53
bodyadaya
13:53
let it rock
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