Elementary schools assign pass fail grades to classes? What's the fallout if you fail?

This is all very foreign to me. When I was in primary school in thr UK 20 years ago we never received a single piece of homework and the only time we got graded was a national standardised test which was positioned as being more about the school than about us.

Yeah. When I was a kid, I had a personal "no homework" policy. To me, school was a defined hours thing, and if they tried giving me stuff to do outside of that... that was their problem, not mine. I never bought into it, nor cared when a teacher complained. Didn't have a bad outcome from that approach either.

I had this attitude when I reached High School and started getting 4+ hours worth of homework every night. I realized that I didn't want to live my life that way, it was bullshit, and I wasn't going to bother. This upset my parents greatly, we battled for 4 years before I tested out of school, went to community college on my own dime, getting an excellent gpa, and then going to university.

Enlightened! I assume the typical startup work/life balance is not compatible with you.

Dunno. I've started and run my own businesses before, and generally that's taken huge effort. Been happy to do so, as they're obviously worthwhile endeavours.

Homework though (of a school variety)... let's say I'm not convinced. :D

Actually, I'm speaking of middle school.