违约 wéiyuē to break a promise
to break a promise; to violate an agreement; to default (on a loan or contract)
How to remember 违约: 违 to violate + 约 make an appointment = to break a promise.
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How it is used
- To breach a contract / break an agreement or promise - 违约要付违约金 (wéiyuē yào fù wéiyuējīn) breaching the contract means paying a penalty.
- Legal/financial core: defaulting on a loan or contract (违约金 penalty for breach; 债务违约 debt default).
- 违约 = breaking a binding agreement; 失信 (shīxìn) is more "breaking one's word/losing trust." The 约 is the treaty/agreement, not casual plans.