default

Definitions (5)
Related Terms
1. General: Failure to do something required by an agreement, in the performance of a duty, or under a law.
2. Borrowing: Failure to meet the terms of a loan agreement. Its two types are (1) Fiscal: Failure to make repayment on the due date. Generally, if a payment is 30 days overdue, the loan is in default. (2) Covenantal: Failure to live up to one or more covenants of the loan agreement such as exceeding the prescribed total borrowings.
3. Computing: Attribute, option, or value assumed by a computer when a user has not chosen or supplied any. Computer's choice is based on how the elements of a software or the settings of a hardware have been arranged by the manufacturer, or customized by the user.
4. Contractual: Failure to comply with the terms of a contract.
Most contracts make provisions for handling defaults by including the conditions or procedures for arbitration, compensation, or litigation.
5. Legal: Failure to do something required under a legislation or as ordered by a court, such as not making an appearance to answer charges.

Use 'default' in a Sentence

The family has family struggled tremendously to pay its bills in recent years, but now they are going into default on their credit card payments.
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The default in the Microsoft Word program is a font size of 12, margins justified to the left, and a type face of Ariel.
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When the neighbors were unable to pay their home mortgage because he lost his job, they were in default of the loan.
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