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From Longman Dictionary of Contemporary Englishprecipitouspre‧cip‧i‧tous /prɪˈsɪpɪtəs/ adjective  1 very sudden a precipitous decline in stock prices2 DANGEROUSdangerously high or steep a precipitous path3 HURRY formal happening or done too quickly, and not thought about carefully a precipitous marriageprecipitously adverb
Examples from the Corpus
precipitousMore telling are the precipitous cost increases at state universities, which account for four out of every five college diplomas.a precipitous decisionMuch of the precipitous decline in return on equity was due to a rise in labor costs over those years.The precipitous discharge of some young children, I think, was avoided.a precipitous drop in property valuesIf a bear suddenly appears, the goats head for precipitous ledges where the less agile predator can not follow.The precipitous nature of the slide is also noteworthy.A precipitous path led down the cliff.A few hundred steps down a gorge, then up the precipitous rock wall.Looking back, the precipitous shreds of sheeting rain effectively sanctioned a cordon between himself and what had gone before.There were no drainage ditches here, the shoulders too abrupt, the slope too precipitous, to collect water.
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