Failure of consideration is a legal concept that occurs in contract law when one party fails to fulfil their obligations under a contract, resulting in a lack of value or benefit to the other party. It refers to a situation where one party either does not provide what they promised or provides something substantially different from what was agreed upon. In such cases, the party who did not receive the expected benefit may be entitled to remedies such as rescission of the contract or damages for the loss suffered due to the failure of consideration.
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This glossary post was last updated: 29th March, 2024.
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