Failure of Consideration
FAILURE OF CONSIDERATION
As applied to contracts, 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 the time the 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, nothing of value can be or is received by the promisee.
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Consideration , Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.
Consideration i… Modification , A change or alteration in existing materials.
Modification generally has the same meaning in the law as it does in common parlance. The term has spec… Considerate , considerate •gamut •imamate, marmot •animate •approximate, proximate •estimate, guesstimate, underestimate •illegitimate, legitimate •intimate •penul… MTBF Abbrev. for mean time between failures. , MTBF Abbrev. for mean time between failures. A figure of merit for system reliability.
MTBF Computing mean time between failures Balata , balata The latex of Manilkara bidentata (family Sapotaceae), obtained from incising the trunk, which was formerly of considerable commercial importan… Contract , contract, in law, a promise, enforceable by law, to perform or to refrain from performing some specified act. In a general sense, all civil obligatio…
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Failure of Consideration