Forfeit

Business, Legal & Accounting Glossary

Definition: Forfeit




What is the dictionary definition of Forfeit?

Dictionary Definition


v. to lose property or rights involuntarily as a penalty for violation of law. Example: the government can take automobiles or houses which are used for illegal drug trafficking or manufacture. A drug pusher may forfeit his/her car (property) if caught carrying drugs in it and found guilty. A parent may have to forfeit his/her house if his/her daughter is selling drugs from the house, even though the parent had nothing to do with and no knowledge of the drugs. One may have to forfeit one’s driver’s license or lose driving privileges due to multiple traffic violations or drunk driving.

  1. To suffer the loss of something by wrongdoing or non-compliance
  2. To lose a contest, game, match, or other form of competition by voluntary withdrawal, by failing to attend or participate, or by violation of the rules
  3. To be guilty of a misdeed; to be criminal; to transgress.

Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/forfeit/
Modern Language Association (MLA):
Forfeit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 25, 2021 https://payrollheaven.com/define/forfeit/.
Chicago Manual of Style (CMS):
Forfeit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/forfeit/ (accessed: September 25, 2021).
American Psychological Association (APA):
Forfeit. PayrollHeaven.com. Retrieved September 25, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/forfeit/

Definition Sources


Definitions for Forfeit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.