Etymology
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lapse (n.)

mid-15c., "elapsing of time, expiration;" also "temporary forfeiture of a legal right" due to some failure or non-action by the holder, from Old French laps "lapse," from Latin lapsus "a slipping and falling, a landslide; flight (of time); falling into error," from labi "to glide, slip, slide, sink, fall; decline, go to ruin," which is of unknown etymology.

Meaning "moral transgression, sin" is from c. 1500; that of "slip of the memory" is 1520s; that of "a falling away from one's faith" is from 1650s.

lapse (v.)

early 15c., to go by, pass (of time), from lapse (n.) and from Latin lapsare "to lose one's footing, slip, slide," from stem of labi "to slip, glide, fall." Meaning "fail in duty or faith" is from 1630s. Meaning "become void, revert due to some failure or non-action by the holder" is from 1726. Related: Lapsed; lapses; lapsing.

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Definitions of lapse
1
lapse (v.)
pass into a specified state or condition;
Synonyms: sink / pass
lapse (v.)
end, at least for a long time;
The correspondence lapsed
lapse (v.)
drop to a lower level, as in one's morals or standards;
Synonyms: backslide
lapse (v.)
go back to bad behavior;
Synonyms: relapse / recidivate / regress / retrogress / fall back
lapse (v.)
let slip;
He lapsed his membership
lapse (v.)
pass by;
Synonyms: elapse / pass / slip by / glide by / slip away / go by / slide by / go along
2
lapse (n.)
a mistake resulting from inattention;
Synonyms: oversight
lapse (n.)
a break or intermission in the occurrence of something;
a lapse of three weeks between letters
lapse (n.)
a failure to maintain a higher state;
Synonyms: backsliding / lapsing / relapse / relapsing / reversion / reverting
From wordnet.princeton.edu