What is Forfeit?

Legal Definition
To lose an estate, a franchise or other property belonging to one, by the act of the law, and as a consequence of some misfeasance, negligence or omission. Cassell v. Crothers, 193 Pa. 359, 44 Atl. 446; State v. De Gress, 72 Tex. 242, 11 S. W. 1029; State v. Walbridge, 119 Mo. 383, 24 S. W. 457, 41 Am. St. Rep. 663; State v. Baltimore & O. R, Co., 12 Gill & J. (Md.) 432, 38 Ain. Dec. 319. The further ideas connoted by this term are that it is a deprivation, (that is, against the will of the losing party,) and that the property is either transferred to another or resumed by the original grantor. To incur a penalty; to become liable to the payment of a sum of money, as the consequence of a certain act.
-- Black's Law Dictionary
Legal Definition
A fine; a mulct; a penalty. See 12 Gill & J. (Md.) 399, 38 Am. Dec. 317.
-- Ballentine's Law Dictionary