What term is used for the loss of rights in property due to default under an obligation?

The term "forfeiture" refers to the loss of rights in property or an interest due to a failure to meet obligations, such as failing to make payments or breaching a condition of a contract. In property law, this often indicates that an individual may lose their title or right to a property when they do not adhere to the requirements outlined in a legal agreement.

Forfeiture can occur in various contexts, such as lease agreements where a tenant might lose their right to the property for not paying rent or failing to comply with other lease terms. This legal concept underscores the serious nature of obligations and the consequences of not fulfilling them.

The other terms listed—abandonment, eviction, and trade-off—while related to property rights, do not specifically denote the loss of rights due to default under an obligation in the same way that forfeiture does. Abandonment refers to a property owner relinquishing their rights by leaving the property, eviction involves the legal removal of a tenant by a landlord, and trade-off generally relates to exchanging one thing for another. Each of these concepts has its own distinct legal significance, but none capture the nuance of forfeiture relating to the failure to meet contractual obligations.