# Failure of Consideration Contract Agreement
**Contract Agreement**
*This Agreement is made and entered into as of [Date], by and between [Party A Name], a [Type of Entity, e.g., individual, corporation, etc.], with a principal place of business at [Party A Address] (hereinafter referred to as "Party A") and [Party B Name], a [Type of Entity, e.g., individual, corporation, etc.], with a principal place of business at [Party B Address] (hereinafter referred to as "Party B").*
## Recitals
WHEREAS, Party A and Party B entered into a contract dated [Original Contract Date] (the "Original Contract") for the purpose of [Brief Description of the Purpose of the Original Contract]; and
WHEREAS, Party A contends that sufficient consideration was not provided by Party B in accordance with the terms stipulated in the Original Contract; and
WHEREAS, Party B acknowledges that the consideration provided may have failed to meet the agreed-upon terms;
NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:
## 1. Definitions
For the purposes of this Agreement, the following terms shall be defined as follows:
- **Failure of Consideration**: Occurs when one party does not fulfill its contractual obligations, resulting in a lack of value given to the other party.
- **Consideration**: Something of value that is agreed upon by the parties as part of the contract.
## 2. Acknowledgment of Failure of Consideration
Both parties acknowledge and agree that the Original Contract suffered from a failure of consideration due to the following reasons:
- [Describe the specifics of how the consideration failed]
- [Include any relevant facts that support the failure of consideration]
## 3. Resolution
To resolve the failure of consideration, the parties hereby agree as follows:
- Party A shall receive [Specify any form of compensation, amendment to the contract, or other forms of resolution].
- Party B agrees to fulfill the following obligations to rectify the failure of consideration: [List obligations].
## 4. Waiver of Claims
In consideration of the resolution provisions stated above, both parties hereby waive any claims for damages, rescissions, or any other form of relief arising out of or related to the failure of consideration as it pertains to the Original Contract.
## 5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [Applicable State].
## 6. Entire Agreement
This Agreement constitutes the entire understanding and agreement between the parties regarding the subject matter herein and supersedes all prior representations, agreements, and understandings, whether written or oral, relating to such subject matter.
## 7. Amendments
This Agreement may only be amended by a written document signed by both parties.
## 8. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Failure of Consideration Contract Agreement as of the day and year first above written.
**Party A:**
[Party A Name]
By: _______________________________
Name: [Printed Name]
Title: [Title/Position]
**Party B:**
[Party B Name]
By: _______________________________
Name: [Printed Name]
Title: [Title/Position]
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*Please ensure to consult with a legal professional to tailor this document to your specific needs and circumstances.*