Forfeit Definition & Meaning | Britannica Dictionary (2024)

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Forfeit Definition & Meaning | Britannica Dictionary? ›

Britannica Dictionary definition of FORFEIT. : to lose or give up (something) as a punishment or because of a rule or law. [+ object] He forfeited his right to a trial by jury. If the money is not claimed within six months, it will be forfeited to the town.

Forfeit means to lose or give up something, usually as a penalty. If you don't finish your homework and eat all your broccoli, you'll most likely forfeit your right to watch TV before going to bed.

forfeit verb (LOSE)

to lose the right to do or have something because you have broken a rule: If you cancel now, you forfeit your deposit. These people have forfeited the right to live in society. Synonym. forgo.

abandon lose relinquish renounce surrender.

something to which the right is lost, as for commission of a crime or misdeed, neglect of duty, or violation of a contract. an article deposited in a game because of a mistake and redeemable by a fine or penalty. forfeits, (used with a singular verb) a game in which such articles are taken from the players.

International Standard Bible Encyclopedia - Forfeit

for'-fit (charam): "Forfeit" (from forisfacere, "to act beyond") implies loss through transgression or non-observance of some law or rule.

Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, breaching a legal obligation, failing to perform a contractual obligation or condition, or neglecting a legal duty.

1. : to lose or lose the right to especially by some error, offense, or crime. 2. : to subject to confiscation as a forfeit. also : abandon, give up.

1. : the act of forfeiting : the loss of property or money because of a breach of a legal obligation. assets subject to forfeiture. 2. : something (such as money or property) that is forfeited : penalty.

What happens if you forfeit? ›

If you forfeit something, you lose it or are forced to give it up because you have broken a rule or done something wrong. He was ordered to forfeit more than $1.5m. If you forfeit something, you give it up willingly, especially so that you can achieve something else.

In various sports, a forfeit is a method in which a match automatically ends, and the forfeiting team loses.

Britannica Dictionary definition of FORFEIT. : to lose or give up (something) as a punishment or because of a rule or law.

Let us assume that importer 'X' wants to purchase goods from exporter 'Y'. The payment terms are 90 days. However, exporter 'Y' is facing a liquidity crunch. To facilitate this trade, exporter 'Y' approaches his bank 'A' for forfaiting.