Failure of consideration
Black's Law Dictionary · Henry Campbell Black, M.A. · 1910
Black's Law Dictionary
As applied to notes, contracts, conveyances, etc., this term does not 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.
Shirk v. Neible, 156 Ind. 66, 59 N. E. 281, 83 Am. St Rep. 150; Crouch v. Davis, 23 Grat. (Va.) 75; Williamson v. Cline, 40 W. Va. 194, 20 S. B. 920