A fault, mistake, or deficiency; used mainly in the French phrase 'faute de mieux' meaning 'for lack of something better.'
From Old French faute, from Latin fallta (feminine of falsus). In modern English, primarily seen in the French phrase 'faute de mieux,' borrowed into English for diplomatic and formal contexts.
The phrase 'faute de mieux' survives in English because it's more elegant than saying 'I guess this will do because we don't have anything better'—sometimes French just sounds classier!
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