Default
Default is a term used in various fields, including law, finance, and computing, to denote a situation where an expected action or obligation is not fulfilled. In finance, default refers to the failure to meet the terms of a loan obligation or failure to repay a loan. In law, it can refer to the failure of a party to appear in court or to take necessary action in a legal case. In computing, a default setting or value is one that is automatically assigned by a system and remains in effect unless the user specifies a different setting or value.
Finance[edit | edit source]
In finance, default is the failure of a borrower to repay a loan according to the terms agreed to in the promissory note. A borrower may default on a loan when they fail to make scheduled payments, fail to maintain adequate insurance, or violate other terms of the agreement. Default can lead to serious consequences, including legal action, repossession of collateral, and damage to the borrower's credit rating.
Law[edit | edit source]
In legal terms, default refers to the failure of a party to respond to a summons or other court action within the specified time. This can result in a default judgment, in which the court rules in favor of the opposing party. Default can also refer to the failure to fulfill a contractual obligation or duty.
Computing[edit | edit source]
In computing, a default is a preset value or setting that a system uses unless the user specifies a different one. Default settings are designed to make a system easier to use by reducing the number of decisions the user needs to make. However, they can also limit the user's ability to customize the system to their needs.
See also[edit | edit source]
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