Error and Default

noun

• A wrong action attributable to bad judgment or ignorance or inattention.
  • usage: "he made a bad mistake"; "she was quick to point out my errors"; "I could understand his English in spite of his grammatical faults"
  • synonyms: mistake, fault
• Inadvertent incorrectness.
  • synonyms: erroneousness
• A misconception resulting from incorrect information.
  • synonyms: erroneous belief
• Baseball) a failure of a defensive player to make an out when normal play would have sufficed.
  • synonyms: misplay
• Departure from what is ethically acceptable.
  • synonyms: wrongdoing
• Computer science. ( the occurrence of an incorrect result produced by a computer)
  • synonyms: computer error
• Part of a statement that is not correct.
  • usage: "the book was full of errors"
  • synonyms: mistake

• (n.) A fault of a player of the side in the field which results in failure to put out a player on the other side or gives him an unearned base.
• (n.) The difference between the observed value of a quantity and that which is taken or computed to be the true value; -- sometimes called residual error.
• (n.) A wandering or deviation from the right course or standard; irregularity; mistake; inaccuracy; something made wrong or left wrong; as, an error in writing or in printing; a clerical error.
• (n.) A wandering; a roving or irregular course.
• (n.) A mistake in the proceedings of a court of record in matters of law or of fact.
• (n.) A departing or deviation from the truth; falsity; false notion; wrong opinion; mistake; misapprehension.
• (n.) A moral offense; violation of duty; a sin or transgression; iniquity; fault.
• (n.) The difference between an observed value and the true value of a quantity.
• (n.) The difference between the approximate result and the true result; -- used particularly in the rule of double position.

Error is a mistake in terms of quantity, type of order, side of market (purchase or sale), security, or other condition of a trade.

noun

• Loss due to not showing up.
  • usage: "he lost the game by default"
• Act of failing to meet a financial obligation.
  • synonyms: nonpayment, nonremittal
• Loss resulting from failure of a debt to be paid.
  • synonyms: nonpayment, nonremittal
• An option that is selected automatically unless an alternative is specified.
  • synonyms: default option

verb

• Fail to pay up.
  • synonyms: default on

• (v.t.) To call a defendant or other party whose duty it is to be present in court, and make entry of his default, if he fails to appear; to enter a default against.
• (v.t.) To fail to perform or pay; to be guilty of neglect of; to omit; as, to default a dividend.
• (n.) Fault; offense; ill deed; wrong act; failure in virtue or wisdom.
• (n.) A failing or failure; omission of that which ought to be done; neglect to do what duty or law requires; as, this evil has happened through the governor's default.
• (v.i.) To fail in fulfilling a contract, agreement or duty.
• (v.i.) To fail in duty; to offend.
• (v.t.) To leave out of account; to omit.
• (v.i.) To fail to appear in court; to let a case go by default.
• (n.) A neglect of or failure to take, some step necessary to secure the benefit of law, as a failure to appear in court at a day assigned, especially of the defendant in a suit when called to make answer; also of jurors, witnesses, etc.

Default is a corporation or government is in default if it fails to meet the interest payments on debt securities it has issued or does not repay the principal at maturity. When the issuer defaults, the bondholders may try to recover what they're owed by making claims against the issuer's assets. There's an elaborate hierarchy for determining the order in which the claimants are paid. Similarly, if you fail to pay principal and interest that you owe on a loan, you are in default. The lender may attempt to recover the loss by claiming any property of yours that was offered as collateral, or security for the loan, or by taking other legal measures.