What term describes the nonperformance of a duty or obligation?

The term that describes the nonperformance of a duty or obligation is "default." In the context of contracts and legal obligations, default refers to the failure to fulfill a commitment or terms that have been agreed upon. This could involve not making a payment on a loan, failing to deliver a property as promised in a real estate transaction, or any other situation where a party does not meet their stipulated obligations.

Default can have various legal consequences, such as the right for the non-defaulting party to seek damages, terminate the agreement, or take other remedial actions. Understanding this term is crucial in real estate practices, as it ensures that agents and property owners can navigate disputes or issues arising from unfulfilled agreements effectively.

The other terms listed, while important in their own contexts, do not specifically denote the failure to perform a duty. Negligence refers to a failure to take proper care, which can lead to damages or injury, not strictly nonperformance of an obligation. Indemnity deals with security or protection against loss or damage, typically in the context of insurance or contractual agreements. Liability pertains to being legally responsible for something, which may arise from default but does not directly define the act of nonperformance itself.