DEFAULT ON Meaning and
Definition
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"Default on" is a term primarily used in financial and contractual contexts, referring to a situation where an individual or entity fails to fulfill a required obligation or commitment. When one "defaults on" something, it means they have neglected or failed to meet their agreed-upon responsibility, resulting in a breach of contract or a violation of an agreed-upon condition.
In financial terms, "default on" often refers to failing to make loan repayments or missing the scheduled periodic payments of a debt or loan. For example, if a borrower fails to make the required mortgage payments to their lender, they are considered to be in default on the loan. Similarly, if a company fails to pay its suppliers or creditors within the stipulated timeframe, it can be said to "default on" its debt obligations.
Additionally, in the context of contracts or agreements, defaulting on the terms may involve the failure to perform or deliver as specified. This could include the inability to deliver goods or services, not meeting quality standards, or not fulfilling contractual obligations within the agreed-upon timeframe.
Defaulting on a financial or contractual commitment can have severe consequences, including legal action, financial penalties, damage to credit scores, loss of assets, or reputational damage. Lenders or parties affected by default may also take measures to recover their losses, such as initiating foreclosure proceedings or lawsuit.
Common Misspellings for DEFAULT ON
- sefault on
- xefault on
- cefault on
- fefault on
- refault on
- eefault on
- dwfault on
- dsfault on
- ddfault on
- drfault on
- d4fault on
- d3fault on
- dedault on
- decault on
- devault on
- degault on
- detault on
- derault on
- defzult on
Etymology of DEFAULT ON
The word "default" derives from the Old French word "defaute", which means "failure" or "lack". It entered the English language around the late 13th century with a similar meaning. Initially, "default" referred to a person's failure to fulfill an obligation or keep a promise.
The preposition "on" in the phrase "default on" is used to indicate which obligation is being violated or not met. It signifies that a person is failing to fulfill a particular commitment or responsibility. In the context of financial or contractual matters, "default on" is commonly used to describe a situation where a borrower fails to make scheduled loan payments or honor the terms of an agreement.
Idioms with the word DEFAULT ON
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default on (something)
The idiom "default on (something)" refers to the failure to fulfill one's obligations or commitments, particularly when it comes to financial matters. It commonly denotes the inability or refusal to repay a debt, make a required payment, or meet a contractual agreement. Defaulting on something can have legal consequences and may negatively impact one's credit rating.
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default on sth
The idiom "default on something" refers to the act of failing to fulfill a legal or financial obligation, typically a debt or loan. It implies a failure to make the necessary payment or fulfill the agreed-upon terms within the specified time frame.
Similar spelling words for DEFAULT ON
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