term:

Fail

fail vi

1 : to be or become inadequate or unsuccessful esp. in fulfilling certain formal requirements [even though one or more terms are left open a contract for sale does not for indefiniteness "Uniform Commercial Code"]
2 : to become bankrupt or insolvent
vt
: to leave undone or neglect to do [ to appear in court] [ to read a contract]

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.