failure of consideration
- The refusal or inability of one party to a contract to carry out its side of the contract, especially by not delivering promised goods or services.
Business law dictionary. 2015.
Look at other dictionaries:
failure of consideration — failure of consideration: the neglect, refusal, or failure of a party to a contract to perform as promised or furnish the consideration promised; also: the extinguishment of the consideration or of the worth of the consideration promised Merriam… … Law dictionary
failure of consideration — As applied to notes, contracts, conveyances, etc., this term does not necessarily mean a want of consideration, but implies that a consideration, originally existing and good, has since become worthless or has ceased to exist or been extinguished … Black's law dictionary
failure of consideration — The circumstance or combination of circumstances under which the consideration for a contract, which was sufficient at the inception of the contract, has become worthless, has ceased to exist, or has been extinguished, whether by nonperformance… … Ballentine's law dictionary
failure of consideration — without compensation, without recompense, without payment … English contemporary dictionary
partial failure of consideration — The failure of a party to a contract to receive all that was due him under the terms of the contract. A defense pro tanto; an excuse for nonperformance by the other party where there is no substantial consideration left in support of the promise… … Ballentine's law dictionary
consideration — con·sid·er·a·tion n: something (as an act or forbearance or the promise thereof) done or given by one party for the act or promise of another see also contract compare motive ◇ Except in Louisiana, consideration is a necessary element to the… … Law dictionary
failure — fail·ure n 1: omission of occurrence or performance; specif: a failing to perform a duty or expected action a failure to mitigate damages failure to prosecute 2: a lack of success or adequacy failure of a suit 3: a failing in business … Law dictionary
consideration — The inducement to a contract. The cause, motive, price, or impelling influence which induces a contracting party to enter into a contract. The reason or material cause of a contract. Some right, interest, profit or benefit accruing to one party,… … Black's law dictionary
consideration — An essential of a valid and enforceable contract. 17 Am J2d Contr § 86; a matter of contract, something within the contemplation of the parties to the contract. Van Houten v Van Houten, 202 Iowa 1085, 209 NW 293; the price bargained and paid for… … Ballentine's law dictionary
Failure rate — is the frequency with which an engineered system or component fails, expressed for example in failures per hour. It is often denoted by the Greek letter λ (lambda) and is important in reliability engineering. The failure rate of a system usually… … Wikipedia