default
Meaning
In the context of finance and law, "default" refers to the failure to fulfill a contractual obligation, particularly the non-payment of a debt when it is due, which may result in legal repercussions or the loss of access to credit.
💡 It is important to distinguish "default" from "failure," as the former specifically implies a breach of a contractual obligation, while the latter may refer to a more general lack of success or fulfillment.
Example Sentences
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