Forfeiture

(redirected from forfeits)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

Forfeiture

The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract.

Forfeiture

The loss of a right or property. Forfeiture usually occurs when one has neglected to fulfill one's obligations necessary to keep the right or property. For example, one may forfeit one's house if the mortgage defaults.

forfeiture

The loss of rights to something as a result of a failure to perform an obligation.Courts often view forfeitures as penalties,which are illegal.As a result,one who is buying property under a bond for title and will receive a deed only when all payments have been made may be protected from a forfeiture if there is a default after a substantial amount of money has already been paid.

Mentioned in ?

References in periodicals archive ?

Marion also accepted a forfeit win from Centralia and now holds a 16-2 record for the season.

Wildcats earn four wins at Carterville Duals

Owen Byrne: there are going to be occasions when entries and forfeits for big races clash

Staggered entries for Flat would 'maximise publicity and interest'

After looking over NJCCA's audit, the school reported the violations and agreed to forfeit the games.

Ark. college agrees to forfeit 22 games over eligibility issue

The Colts won four matches by forfeit and five of the eight matches that took place on the mat, including four by fall.

Thurston wins a pair of Midwestern meets

For example, an employee receives stock that he must forfeit unless he continues to work for the company for a minimum period of time.

Goodbye stock options, hello common stock: companies are returning to the tried-and true grant of common stock

The biggest revenue losses in vehicle donation programs, then, don't stem from swindles or scams or even tricky accounting, but from the millions of dollars the IRS willingly forfeits each year on cars that are donated according to the letter of the law.

The tow-away tax break: why car donation programs benefit everyone but the charities they're intended to help

To this end, the partners have agreed that Harry will forfeit his partnership interest if he fails to perform the agreed-on services through the completion of construction, unless the failure is caused by his death or disability.

Receipt of a conditional partnership interest for services

North Eugene was helped when it won three weight classes by forfeit and only gave up one, at 275 pounds.