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Noun: peripety  pu'ri-pi-tee
Usage: rare (=peripeteia)
  1. A sudden and unexpected change of fortune or reversal of circumstances, especially in a literary work
    "The protagonist's peripety came when she lost everything in a stock market crash";
    - peripeteia, peripetia [rare]

Derived forms: peripeties

Type of: surprise, turn-up [Brit, informal]

Encyclopedia: Peripety