Define: Recourse

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 fulfil 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.

1. 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.
2. 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.

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March, 2024.