There are three types of bearing capacity failure: general shear failure, local shear failure, and punching shear failure. General shear failure occurs in strong soils and involves a continuous failure surface from the footing to the ground surface. Local shear failure involves a well-defined failure under the footing that becomes vague at the surface. Punching shear occurs in loose soils and has an undefined failure mechanism with large displacements. The ultimate bearing capacity depends on soil properties like cohesion and friction angle, as well as the shape and depth of the footing, and can be calculated using Terzaghi's bearing capacity equations.