Which term refers to a party's legal right to recover damages?

The term that refers to a party's legal right to recover damages is "remedy." In legal contexts, a remedy is a means by which a court enforces a right or compensates for a violation of a right. This can include monetary compensation, specific performance, or injunctions. When a party is harmed, they may seek a remedy to redress their grievance, which often involves recovering financial damages for losses incurred.

In juxtaposition, mitigation refers to the obligation of a party to minimize their losses after a breach or wrongful act, and not directly to the right of recovery. The statute of limitations sets a specific time frame within which legal actions must be initiated, impacting how long a party has to seek a remedy but not defining the right itself. A plea bargain is a negotiated agreement between a defendant and prosecutor in a criminal case, which does not pertain to civil recovery of damages. Therefore, remedy is the precise term that encapsulates the legal right to recover damages.