Asked by Mason Rogers on May 28, 2024
Verified
A right to ________ is the ability of a party to seek reimbursement.
A) rescission
B) recourse
C) renunciation
D) revocation
E) recusal
Right To Recourse
The right to recourse refers to the legal ability to seek compensation or redress from a party that has failed to fulfill their contractual obligations.
Reimbursement
The act of compensating someone for an expense or loss incurred, often seen in business, insurance, and employment contexts.
- Identify the concept of recourse and its relevance in the context of negotiable instruments.
Verified Answer
ZK
Zybrea KnightJun 03, 2024
Final Answer :
B
Explanation :
A right to recourse is the ability of a party to seek reimbursement.Typically,when a holder presents an instrument to an endorser,the endorser can seek recourse from prior endorsers,the maker,the drawer,or accommodating parties.However,if the holder has in some way impaired the endorser's ability to seek recourse from any of these parties,the endorser is not liable on the instrument.
Learning Objectives
- Identify the concept of recourse and its relevance in the context of negotiable instruments.
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