Context Clues Question
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Jeremy left the office at noon intending to drive to Barnes Restaurant for lunch. He was shocked to discover his car was missing. A boy who had been sitting at a nearby bus stop told him that the car had been towed. Jeremy had parked the car legally so he could not imagine why this happened. The thought of lunch left his mind as he called his wife. He explained the situation to Susan and then she reminded him that they had received a letter two weeks earlier from the bank. The letter stated they were default on the auto loan because of several months of non-payment. The car had probably been towed for repossession.
The author mentions that Jeremy is default on his loan. Based on the passage, what does DEFAULT mean?
The author mentions that Jeremy is default on his loan. Based on the passage, what does DEFAULT mean?
- in good standing with a company
- condition of failing to meet an obligation
- loss incurred by failing to compete
- a value used when none has been given