Source : Webster's Revised Unabridged Dictionary (1913)

Default \De*fault"\, v. i. [imp. & p. p. {Defaulted}; p. pr. &
   vb. n. {Defaulting}.]
   1. To fail in duty; to offend.

            That he gainst courtesy so foully did default.
                                                  --Spenser.

   2. To fail in fulfilling a contract, agreement, or duty.

   3. To fail to appear in court; to let a case go by default.

Default \De*fault"\, v. t.
   1. To fail to perform or pay; to be guilty of neglect of; to
      omit; as, to default a dividend.

            What they have defaulted towards him as no king.
                                                  --Milton.

   2. (Law) 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.

   3. To leave out of account; to omit. [Obs.]

            Defaulting unnecessary and partial discourses.
                                                  --Hales.

Default \De*fault"\, n. [OE. defaute, OF. defaute, defalte,
   fem., F. d['e]faut, masc., LL. defalta, fr. a verb meaning,
   to be deficient, to want, fail, fr. L. de- + fallere to
   deceive. See {Fault}.]
   1. 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.

   2. Fault; offense; ill deed; wrong act; failure in virtue or
      wisdom.

            And pardon craved for his so rash default.
                                                  --Spenser.

            Regardless of our merit or default.   --Pope.

   3. (Law) 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.

   {In default of}, in case of failure or lack of.

            Cooks could make artificial birds and fishes in
            default of the real ones.             --Arbuthnot.

   {To suffer a default} (Law), to permit an action to be called
      without appearing to answer.

Source : WordNet®

default
     n 1: loss due to not showing up; "he lost the game by default"
     2: act of failing to meet a financial obligation [syn: {nonpayment},
         {nonremittal}]
     3: loss resulting from failure of a debt to be paid [syn: {nonpayment},
         {nonremittal}] [ant: {payment}]
     4: an option that is selected automatically unless an
        alternative is specified [syn: {default option}]

default
     v : fail to pay up [syn: {default on}] [ant: {pay up}]