Failure of Consideration

Failure of Consideration is an Affirmative Defense, applicable where one of the parties to a contract neglects, refuses, or fails to furnish the agreed upon consideration. Holm v. Woodworth, Case::271 So.2d 167, 169-70 (Fla. 4th DCA 1972).

Failure of consideration is a personal defense which can only be asserted against the original parties to the contract. It cannot be asserted by the maker of a negotiable instrument against a holder in due course. ''First Nat. Entm't Corp. v. Brumlik, Case::531 So.2d 403, 404 (Fla. 5th DCA 1988), citing Sec. Statute::673.305 & Statute::673.408, Fla.Stat.; and Holm'', 271 So.2d 167.

Failure of consideration is distinct from Want of Consideration. "In the general law of contracts, want of consideration means a total lack of any valid consideration for a contract," whereas failure of consideration applies where the contract provided for valid consideration, but one of the parties neglected, refused or failed to perform or furnish the consideration agreed on. Id.