Exam term
Default
A party's failure to perform as the contract requires, which can trigger the other party's contractual remedies. Check duties, deadlines, conditions and notice before calling a failed closing a default.
Lessons that use this term
- Default, foreclosure, reinstatement, and anti-deficiency rules in California California
- Purchase contracts: contingencies, deposits, and liquidated damages California
- The mortgage and note, the mortgagor's duties, selling mortgaged property, and recording New York
- Breach of contract, remedies, rescission, and termination Texas
- Earnest money, equitable title, and contingencies Texas