Failing to complete "Help Wanted" quests or Special Orders means losing friendship with the villager who posted it. (Plus some fun mail if you flake on too many quests!)
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Content
Failing to complete a quest results in losing friendship with the NPC who requested it
New dialogue from NPCs when you fail to complete their quests (and sometimes their friends' quests too!)
Mail from Lewis when you break your promises too many times
Configuration
I recommend installing Generic Mod Config Menu for configuration options. You can enable/disable certain quest types as well as individual special orders conveniently from that menu in-game, as well as change the friendship point penalty.
Source available on GitHub. See the Author Guide for help adding your own dialogue for custom NPCs or quests/Special Orders.