noun something that is forfeited; a penalty or fine
Forfeiture refers to the loss of property or rights as a penalty for a crime or breach of contract.
Forfeiture can also refer to the loss of assets or funds due to non-compliance with financial regulations.
In sports, forfeiture is the act of a team or player losing a game or match due to a violation of rules or regulations.
Forfeiture in gaming can refer to losing points, items, or progress in a game as a penalty for breaking rules or cheating.
Forfeiture is often used in legal contexts, such as when a defendant fails to appear in court and their bail is forfeited.
Forfeiture may be used in financial contexts, such as when an individual fails to meet the terms of a loan agreement and their collateral is forfeited.
Forfeiture can be used in real estate transactions, such as when a buyer fails to make a required payment and their earnest money deposit is forfeited.
Forfeiture is commonly used in law enforcement, such as when assets are seized as part of a criminal investigation and forfeited if the individual is convicted.
Forfeiture may be used in accounting contexts, such as when a company fails to pay taxes and their assets are seized and forfeited by the government.