2. something of value that is given in return for performance (or promise of performance) for the purpose of forming a contract. In many instances, consideration is required in order to make a promise:
(b) enforceable.
- FAILURE OF CONSIDERATION (aka WANT OF CONSIDERATION)
-
refers to the circumstance in which consideration was bargained for but it has either:
(i) become worthless;
(ii) ceased to exist; or
(iii) not been provided as promised.EXAMPLE:
Although Jane ran a prosperous business in California, she agreed to return to NYC – to care for her aging mother (Joyce). As a demonstration of her gratitude, Joyce promised Jane the money located in Joyce’s bank account. Nothing was ever signed, though. Then – upon the mother’s death – Joyce’s other children contested Jane’s claim [to the whole account]. They felt that there was no contract [between Joyce and Jane] because Jane gave no consideration in return for the money in Joyce’s account. A court would probably find that Jane’s care for the mother – at the mother’s request (as well as the giving up of a prosperous business) – constituted consideration. Therefore, Joyce's intestate promise was deemed to be enforceable.
