http://en.wiktionary.org/wiki/default
Verb
To fail to meet an obligation.
You were required to make a payment on the first of the month. You have defaulted.
To lose a competition by failing to compete.
If you refuse to wear a proper uniform, you will not be allowed to compete and will default this match.
(computing) To assume a value when none was given.
If you don`t specify a number of items, it defaults to 1.
Noun
The condition of failing to meet an obligation.
You may cure this default by paying the full amount within a week.
A loss incurred by failing to compete.
The team`s three losses include one default.
(computing) A value used when none has been given. Often used attributively, e.g., default value.
If you don`t specify a number of items, the default is 1.