Recourse, in a legal context, refers to the right or ability of a party to seek redress or compensation for harm, damages, or a breach of contract committed by another party. It typically entails the legal remedy available to a party when the other party fails to fulfill their obligations under a contract or commits a wrongful act. Recourse may take various forms, including the right to sue for damages, specific performance, rescission of the contract, or other legal remedies specified by law or contract. The availability and scope of recourse depend on factors such as the nature of the relationship between the parties, the terms of any agreements or contracts involved, and the laws governing the specific situation. Recourse mechanisms play a crucial role in upholding legal rights, enforcing contractual obligations, and ensuring accountability in civil disputes.
- The act of seeking assistance or advice.
- obsolete A coursing back, or coursing again; renewed course; return; retreat; recurrence.
- obsolete Access; admittance.
- Loan agreements: Legal right of a lender to seek repayment of the loan from the borrower’s (and/or the guarantor’s) unpledged personal property, in addition to the property pledged to the lender as collateral.
- Negotiable instrument: Legal right of the holder to demand and require payment from the drawer, maker, or endorser if the instrument (such as a check, draft, promissory note) is dishonoured.
Definitions for Recourse are sourced/syndicated and enhanced from:
- A Dictionary of Economics (Oxford Quick Reference)
- Oxford Dictionary Of Accounting
- Oxford Dictionary Of Business & Management
This glossary post was last updated: 7th March, 2024.
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