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Part of Count One of the Complaint is Mrs. Hardy's request that this Court declare that "[t]he building agreement between Jim Walter and the Hardys is void due to failure of consideration." (Complaint, ¶ 19.) Under Alabama law, failure of consideration is an affirmative defense to...maintain that the finance agreements are void for failure of consideration because "Plaintiffs, through no fault of their own, have not performed the promised act of repaying their mortgage with WMC." (Plaintiffs' Brief (doc. 70), at 5.) This startling notion turns the "failure of consideration" defense on its head. As discussed in Section IV.A., supra, this affirmative defense...closing pursuant to its obligations under the financing agreements, and that such payment conferred a direct, material benefit on the Hardys. Plaintiffs cannot use the failure of consideration doctrine to shirk their contractual responsibility to repay that $25,500 amount (plus interest) to WMC, merely because another aspect of WMC's performance under the financing agreements never came to fruition. To hold otherwise would be inequitable, grossly unfair, and would subvert the basic purposes of the failure of consideration affirmative defense.
For...