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Simple English definitions for legal terms
defaulter
Read a random definition: compromissory arbitration
A quick definition of defaulter:
A defaulter is someone who has not done what they were supposed to do. This can mean they didn't pay back money they borrowed or they didn't do their job properly. It can also mean they took money that wasn't theirs to take. Another word for defaulter is defaultant.
A more thorough explanation:
Definition: A defaulter is a person who has failed to fulfill their obligations or duties, especially in regards to paying back money they owe.
Examples:
- John is a defaulter on his student loans, as he has not made a payment in over a year.
- The company was forced to take legal action against the defaulter who failed to pay for services rendered.
These examples illustrate how a defaulter is someone who has not fulfilled their financial obligations. In the first example, John has not made payments on his student loans, which is a form of defaulting. In the second example, the defaulter failed to pay for services rendered, which is a breach of their financial duty.