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LSDefine

Simple English definitions for legal terms

total failure of consideration

Read a random definition: leveraged lease

A quick definition of total failure of consideration:

Total Failure of Consideration: When someone promises to do something in a contract, but they don't do it, it's called a failure of consideration. This means that the contract is not worth anything because one person didn't keep their promise. It's like if you promised to give your friend a toy if they gave you a candy bar, but then you didn't give them the toy. The candy bar wouldn't be worth anything because you didn't keep your promise. Sometimes, if the failure is really bad, the whole contract becomes worthless. This is called a total failure of consideration.

A more thorough explanation:

Definition: Total failure of consideration refers to a situation where a contract's basis or inducement becomes worthless due to a seriously deficient contractual performance. It means that one party has failed to perform their part of the contract, causing the contract to become void.

For example, if a person promises to build a house for another person, and the other person promises to pay for the construction once it is completed, there is consideration on both sides of the contract. However, if the builder fails to complete the construction, it is considered a total failure of consideration, and the contract becomes void.

It is important to note that the term "failure of consideration" is misleading since it relates to the performance of the contract rather than its formation. Therefore, scholars disapprove of this term and prefer to use "failure of performance" instead.

Partial Failure of Consideration: This refers to a situation where a party has only partially performed their contractual obligations. For example, if a person hires a contractor to build a house and the contractor only completes half of the construction, it is considered a partial failure of consideration. In such cases, the appropriate part of the agreement can be apportioned to whatever has been completed.

Examples:

  • A person hires a painter to paint their house for $1000. The painter only paints half of the house and then disappears without completing the job. This is a total failure of consideration since the painter did not fulfill their contractual obligations, and the contract becomes void.
  • A person hires a landscaper to plant a garden for $500. The landscaper plants half of the garden and then disappears without completing the job. This is a partial failure of consideration since the landscaper only partially fulfilled their contractual obligations, and the appropriate part of the agreement can be apportioned to whatever has been completed.

These examples illustrate how a total or partial failure of consideration can occur when one party fails to perform their contractual obligations, causing the contract to become void or partially void.

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babycat
10:32
@jackfrost11770: we all living the same weather. I’m abt to go to the gym
babycat
10:32
I’m listening to car seat headrest
it's the worst when the weather is this shit and there isn't even any snow like at least let it be aesthetic (although snow in nyc is the opposite of that)
snow
10:33
india ass band
10:33
checking in on Wake Forest. Y'all heard anything?
LSDFan
10:34
@m10 are you FLEP
m10
10:34
@LSDFan: nah lol, I am just using my GI Bill. I do not feel like going back.
LSDFan
10:34
good call
BulbasaurNoLikeCardio
10:34
@m10: 110% agree, china has a truly amazing HUMINT network and espionage skills that much of our military is infiltrated or committing willful negligence of duty in prevent and protection. @babycat: PSYOP is pretty small on the AD side but I left the community to go play with Apaches and drones in 2018/19
10:35
Daily check in , stay chillin
10:35
anyone touring hls today?
10:35
Same @m10
10:36
also my softs are bordering t3-t2. would it be worth for me to R+R if im trying for t4
soap
10:36
Maybe see where you get in, then R&R if you feel it’s necessary?
m10
10:36
Psyop guys will try and convince you they are like secret masterminds. I had this one guy whose wife would call me every week and she would tell me about how her husband just like disappeared and could not be found cus he was a specialy trained psyop officer. I found his phone number and called him the same day online. That woman was gaslit so hard.
babycat
10:37
is t4 HYSC? yeah prob your odds are not too great for those with 3.7 and 171 unless you’re really extraordinary
WorthlessAttractiveZombie
10:37
I agree with soap on this one, just wait it out and see where you get into. You could always transfer (although I wouldn't go in with the intention of transferring)
soap
10:37
Transferring is hard and you don’t get money. I wouldn’t do anything with the intent of transferring
Disagree with the transfer. But, yeah a 3.7, 171 is not HYSC material—so unless you’re a Rhodes scholar, or something it is highly unlikely.
JumpySubsequentDolphin
10:38
did he mean t14
JumpySubsequentDolphin
10:38
I’ve never heard anyone call it t4 hahah
JumpySubsequentDolphin
10:39
I thought it was always t6 and t3
soap
10:39
If you’re aiming for T14, that’s definitely doable
10:39
nah t4 is a thing, maybe old ive been on lsa and lsd for like 4 years now lol
m10
10:39
Fuck this all reminds me. I got to call and see if I am still being deposed.
JumpySubsequentDolphin
10:40
@Mostlylegal: oh oops hehe
BulbasaurNoLikeCardio
10:40
@m10: most of PSYOP are guys who failed SFAS and Ranger so much so they can't go back and think being SOCOM makes them SF. I loved the cultural side of it all, going to embassies and running influence operations. Doing KLEs and training with foreign militaries was amazing. Learned so much about the world by talking to those who live all over it. Then got lucky and worked with a Marine HIT overseas and would tag along when they kidnapped people to do some stuff lol The rest of the time was a lot of reports and KLEs
babycat
10:40
t4 is a concept being perpetuated by Big Chicago
soap
10:41
Chicago rejected me in undergrad, so I have beef
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