de fault

default

Failure to pay a debt when it is due.

default 

default

The failure to live up to the terms of a contract. Generally, default is used to indicate the inability of a borrower to pay the interest or principal on a debt when it is due. See also technical default.

Main Entry: de·fault
Pronunciation: di-'folt, 'dE-"folt
Function: noun
Etymology: Anglo-French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de-, intensive prefix + faillir to fail
1 : failure to do something required by duty (as under a contract or by law): as a : failure to comply with the terms of a loan agreement or security agreement esp. with regard to payment of the debt b in the civil law of Louisiana : a delay in performing under a contract that is recognized by the other party
NOTE: A party whose performance under a contract is delayed is not automatically in default. Rather, the law of Louisiana requires that the other party “put him or her in default” by a written or witnessed oral request for performance, by filing suit, or by invoking a specific provision in the contract. Moratory damages may be recoverable for loss caused by the delay.
2 : failure to defend against a claim in court (as by failing to file pleadings or to appear in court) —see also default judgment at JUDGMENT 1a —default verb —de·fault·er noun —in default : in the condition of having defaulted