While messing with my iTerm2 settings, I wanted to reset all preferences, and go back to the original terminal.
Alas there was no option specified in iTerm’s menu to reset to default. Such is the case with most apps.

A couple of Google searches later, I found the solution to this as deleting the preference file:

cd ~/Library/Preferences
defaults delete com.googlecode.iterm2

The same pattern is likely to work for other apps as well.

If you got any better techniques, please share in comments.