What term is commonly used for a party's right to seek remedy in court for a breach of contract?

The term commonly used for a party's right to seek remedy in court for a breach of contract is "damages." This refers specifically to monetary compensation awarded to a party that has suffered a loss due to the breach. When a party successfully proves that a breach of contract has occurred, the court often calculates damages to restore the injured party to the position they would have been in had the breach not occurred.

In contract law, damages are intended to cover actual losses and can include various forms, such as compensatory damages, punitive damages, or consequential damages, each addressing different aspects of the loss. Therefore, when discussing a party's right to remedy in court, damages are central because they quantify the loss and facilitate compensation.

The other terms, while related to legal proceedings, do not specifically address the right to seek monetary compensation for a breach of contract. "Remedy" is a broader term that could encompass various forms of relief, including specific performance or rescission, but does not pinpoint the monetary aspect. "Affirmation" typically refers to acknowledging an agreement rather than seeking a legal remedy, and "regulation" pertains to rules established by authorities, rather than individual rights in contractual disputes.