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Legal Forums arrow Legal Dictionary

FAILURE

Legal Term: FAILURE
Definition: A total defect, an omission, a non-performance. Failure also signifies a stoppage of payment, as, there has been a failure to-day, some one has stopped payment.

2. According to the French code of commerce, art. 437, every merchant or trader who suspends payment is in a state of failure. Vide Bankruptcy, Insolvency.



***All definitions are taken from the 1856 Edition of Bouviers Law Dictionary

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