Default is generally, failure to satisfy an obligation when due, or the occurrence of one of the defined events of default agreed to by the parties under a contract.
Default is a situation in which the party issuing a debt instrument is unable to make interest payments or pay off the amount owed when the instrument matures.
Webster Dictionary Meaning
- Fault; offense; ill deed; wrong act; failure in virtue or wisdom.
- A neglect of, or failure to take, some step necessary to secure the benefit of law, as a failure to appear in court at a day assigned, especially of the defendant in a suit when called to make answer; also of jurors, witnesses, etc.
- To fail in fulfilling a contract, agreement, or duty.
- To fail to appear in court; to let a case go by default.
- To call a defendant or other party whose duty it is to be present in court, and make entry of his default, if he fails to appear; to enter a default against.
- To leave out of account; to omit.
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