Want of Consideration

Want of Consideration

A comprehensive term for all transactions or situations where no inducement to a contract was intended to pass between the parties thereto and, therefore, no legally enforceable contract is created.

Want of consideration differs from failure of consideration, which refers to a situation wherein consideration was originally existing and valid but has since become valueless or ceased to exist.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.