What term describes the failure to meet an obligation on time?

The term that describes the failure to meet an obligation on time is "default." In a legal or financial context, default occurs when an individual or entity does not fulfill their legal obligations, such as failing to make scheduled payments on a loan or not adhering to the terms of a contract. This can have serious consequences, including penalties, increased interest rates, or legal action.

Understanding "default" is crucial for anyone involved in transactions or agreements, as it emphasizes the importance of fulfilling contractual obligations and the potential repercussions of failing to do so. Other terms like "judgment," "obligation," and "liability" relate to legal and financial responsibilities but do not specifically capture the concept of failing to meet an obligation on time as effectively as "default" does.