failure of consideration

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, partially or entirely. It means that sufficient consideration was contemplated by the parties at time contract was entered into, but either on account of some innate defect in the thing to be given or nonperformance in whole or in part of that which the promisee agreed to do or forbear nothing of value can be or is received by the promisee. Holcomb v. Long Beach Inv. Co., 129 Cal. App. 285, 19 P.2d 31, 36.
Such consists of neglect, refusal, or failure of one of the parties to perform or furnish agreed-upon consideration. Royal Typewriter Co., a Div. of Litton Business Systems, Inc. v. Xerographic Supplies Corp., C.A.Fla., 719 F.2d 1092, 1107

Black's law dictionary. . 1990.

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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

  • 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

  • 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

  • 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 — 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 — 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

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