Meaning Of General Default

Law failure of a party.

Meaning of general default. How to use default in a sentence. Failure to perform a task or fulfill an obligation especially failure to meet a financial obligation. In finance default is failure to meet the legal obligations or conditions of a loan for example when a home buyer fails to make a mortgage payment or when a corporation or government fails to pay a bond which has reached maturity a national or sovereign default is the failure or refusal of a government to repay its national debt.

In contract law the most common use of the term default is when it refers to a borrower failing to make payments on his loan. Default definition is failure to do something required by duty or law. Default happens when a borrower fails to repay a portion or all of a debt including interest or principal.

Default setting synonyms default setting pronunciation default setting translation english dictionary definition of default setting. Default is a general legal term that also means a failure to fulfill a legal commitment. Default is distinguishable from negligence in that it does not involve carelessness or imprudence with respect to the discharge of a duty or obligation but rather the intentional omission or nonperformance of a duty.

An event of default is a pre specified condition or threshold that if met allows the lender or creditor to demand immediate and full repayment of a debt or obligation. A failure to do that which is anticipated expected or required in a given situation. Another word for default.

A default could mean not being able to raise funds. The biggest private default in history is lehman brothers. General dictionary economics.