noun a failure to fulfill an obligation, especially a financial one
verb to fail to fulfill an obligation, especially a financial one
The failure to meet the terms of a mortgage or loan, leading to foreclosure or other legal actions by the lender.
A legal process by which a creditor can seize assets from a borrower who has failed to repay a loan.
The failure to make a payment on a loan or debt, resulting in consequences such as increased interest rates or repossession of collateral.
The pre-set configuration or value that a system or software program uses when no other alternative has been specified.
A value or setting that a computer program assumes if no input is provided by the user.
In the context of writing, 'default' may refer to the standard settings or options that are automatically selected unless changed by the user. For example, a word processing program may have default font, margins, and spacing settings.
In psychology, 'default' may refer to a person's automatic or instinctual response or behavior in a given situation. It can also refer to the most common or typical outcome in a certain scenario.
In programming, 'default' often refers to a pre-set value or option that is automatically chosen by a system or program if the user does not specify an alternative. For example, a function may have default parameters that are used unless overridden by the programmer.
In finance, 'default' is commonly used to describe a situation where a borrower fails to make scheduled payments on a loan or debt. It can also refer to the standard setting for certain financial calculations or assumptions.