Which is NOT a remedy available to the innocent party if a breach occurs?

Study for the New Mexico Broker State Exam. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

The option that indicates a remedy that is not typically available to an innocent party after a breach of contract is to sue for reimbursement of previous payments. While it's common for an innocent party to seek recovery for losses incurred due to the breach, options such as accepting partial performance, rescinding the contract, and suing for specific performance are recognized remedies in contract law.

Accepting partial performance might be applicable in cases where the innocent party chooses not to enforce the full terms of the contract but still receives some benefits from the party that breached the contract. Rescinding the contract is a remedy that allows the innocent party to void the agreement, effectively placing both parties back in their original positions prior to the contract. Suing for specific performance involves compelling the breaching party to fulfill their obligations as initially agreed upon when monetary damages would not adequately compensate the innocent party.

In contrast, seeking reimbursement of previous payments is not typically a recognized remedy in the wake of a breach; rather, the focus tends to be on the losses or the failure to perform as specified in the contract. Therefore, the correct response highlights the differences in available legal recourse when a breach of contract occurs.

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