Generally, failure to fulfill an act or obligation.
In lending, when a borrower has not met its legal obligations according to a debt contract he or she is in default. For example, a borrower defaults on a loan if he or she fails to make one or more scheduled payments.
In leasing, when a tenant fails to meet its obligations under the lease. For example, the tenant defaults if he or she does not pay the rent when it is due.
"Default" is referred to in the following legal documents:
