Distinction must be made between lack of consideration and a failure of consideration. See 1 Williston op.cit., supra. § 109, p. 373, Note 5; id. Sec. 217, p. 657; Wilson v. Stevens, 105 N.J.Eq. 377, 148 A. 392; Aller v. Aller, 40 N.J.L. 446; United & Globe Rubber Mfg. Co. v. Conrad, 80 N.J.L. 286, 78 A. 203, at page 205, Ann. Cas. 1912A, 412. See also Willston id., Sec. 174, p. 566; 54 C.J.S., Limitations of Actions, § 321, p. 423 et seq.; 34 Am.Jur.id. § 333, p. 262; Randolph v. General Investors Co., 96 N.J.Eq. 227, 124 A. 765.

( c) As to what sealed instruments with formal delivery, besides promissory notes, should be excluded as not coming within the definition of a single-bond specialty, it is not necessary to decide, and it is not here decided; nor is it necessary, under the facts of this case, to formulate what sealed instruments with formal delivery should be included within the definition of a single-bond specialty, other than to observe that the rule relating to such specialty bonds has been recognized as applying to instruments creating and establishing "a gift of money [payable] in futuro." Lacey v. Hutchinson, 5 Ga. App. 874 (supra); Aller v. Aller, 40 N.J.L. 446, 450, 451; Page v. Trufant, 2 Mass. 158, 161; 26 L.R.A. 308, notes; 63 A.L.R. 540, 542, and cit.; 12 R. C. L. 937, § 14; 28 C. J. 637, § 26. ( d) Accordingly, an instrument such as is here sued on, which is not a mere unconditional promise to pay a certain sum at a definite date, but which by its terms creates and establishes a gratuity payable in futuro, and which obligates the promisor, her "estate, heirs, executors, administrators, and assigns," as was formerly stated in common-law bonds (1 Cooley's Blackstone, 4th ed., 705, 677), to pay the gratuity as thus created in specified amounts at times provided, and which obligation is executed under seal, recites delivery and acceptance by the promisee, can not be construed as a mere sealed promissory note, but measures up to the standard and contains all of the earmarks and requirements of a common-law bond or like instrument recognized at common law as a specialty, and creating a gift payable in futuro.