The term 'fraught with peril' is a phrase used to describe a situation that is full of danger or risk. The two crossword solutions for this phrase are 'DIRE' and 'RISKY'. 'DIRE' is an adjective meaning extremely serious or urgent, while 'RISKY' is an adjective meaning involving potential danger or loss. Therefore, the phrase 'fraught with peril' can be used to describe a situation that is both urgent and dangerous.