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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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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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