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Failure of Consideration |
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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. failure of consideration n. not delivering goods or services when promised in a contract. When goods a party had bargained for have become damaged or worthless, failure of consideration (to deliver promised goods) makes the expectant recipient justified to withhold payment, demand performance or take legal action. (See: consideration, contract) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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If there is a complete failure of consideration so that the tenant is, in the eyes of the law, not obtaining the leasehold estate for which the rent is consideration because of the landlord's interference with the premises, then - and if, but only if, the tenant also vacates possession - the tenant's obligation to pay rent is suspended. |
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