How Do You Spell WITH RECOURSE?

1. "With recourse" is a legal and financial term used to describe a situation where an individual or entity assumes the responsibility and liability for a debt or other financial obligation in a transaction. It refers to the ability of a person or organization to seek reimbursement, compensation, or legal remedy from another party if the debt defaults or is not honored.

   In this context, "with recourse" means that the party providing the financial obligation, such as a loan, agrees to accept the risk of the debt or obligation not being fulfilled and allows for legal action or recovery against them if needed. It signifies that the lender or issuer of the debt retains the right to recover any outstanding debts or receive satisfactory compensation, even if the primary borrower or obligor defaults. Typically, this recourse is outlined in a contractual agreement or written agreement terms.

   The inclusion of "with recourse" provisions in agreements provides an added layer of protection for the lender or party advancing the funds, as it provides them with means to recoup the funds in case of debtor default. This financial protection often comes at a higher cost or interest rate, reflecting the additional risk undertaken by the party with recourse.

   Overall, "with recourse" establishes a legal and financial safeguard for the lender or obligee, allowing them to recover losses or seek compensation in situations where the debtor or obligor fails to fulfill their financial obligations.

Common Misspellings for WITH RECOURSE

The etymology of the term "with recourse" can be traced back to Old French and Latin origins.

The word "recourse" originates from the Old French noun "recours", which in turn came from the Latin word "recursus". "Recursus" is the past participle of the Latin verb "recurre", meaning "to run back" or "to return".

In a legal context, "with recourse" refers to a legal provision where the party specified has the option to turn to or "recourse" to someone else for assistance or compensation in case of default. It implies that the party has the right to seek satisfaction from another party if the first party fails to fulfill its obligations. The phrase "with recourse" is commonly used in contracts, particularly in financial and business agreements, to designate the availability of this right to the party specified.