What is Failure?

Legal Definition
Failure is the state or condition of not meeting a desirable or intended objective, and may be viewed as the opposite of success. Product failure ranges from failure to sell the product to fracture of the product, in the worst cases leading to personal injury, the province of forensic engineering.
-- Wikipedia
Legal 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.
-- Bouviers Law Dictionary
Legal Definition
In a general sense, deficiency, want or lack; ineffectualness; inefficiency as measured by some legal standard; an unsuccessful attempt. White v. Pettljohn, 23 N. C. 55; State v. Butler, 81 Minn. 103, 83 N. W. 483; Andrews v. Keep, 38 Ala. 317. In commerclal law, the suspension or abandonment of business by a merchant, manufacturer, bank, etc., in consequence of insolvency. American Credit Indemnity Co. v. Carrolton Furniture Mfg. Co., 95 Fed. 115, 36 C. C. A. 671; Terry v. Caiman. 13 S. O. 220; State v. Lewis, 42 La. Ann. 847, 8 South. 602.
-- Black's Law Dictionary
Legal Definition
Suspension of payment by a bank. (See 97 U. S. 171, 24 L. Ed. 944); negligence. See 81 Minn. 103, 83 N. W. 483.
-- Ballentine's Law Dictionary