They called it a comet, 'for lack of' a better term/word. [=because they could not think of a better term/word for it]
His honesty, or 'lack thereof', is the real problem. [=the real problem is his lack of honesty]
There was 'no lack of' interest in the proposal. [=there was much interest in the proposal]
(..) - Well, look at her. I think her face is perfectly funny. The Quality Woman must have grace, elegance and pizzazz. This is the first time I've seen you lack imagination. Every girl in Quality has grace, elegance and pizzazz. What about a girl with character, spirit and intelligence? (..)1957 Funny Face