Failed to do something that was required, such as paying a debt or appearing in court.
From Old French defaillir (to fail), combining with de- (away) and faille. The word entered English law through the Norman Conquest and has remained central to legal language.
Every major financial crisis in history—from the 2008 recession to the Great Depression—has been built on waves of defaults. These single moments where people couldn't pay their debts cascade through entire economies, making this humble word surprisingly powerful.
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