What does the term "repossession" refer to in the context of contract law?

In the context of contract law, "repossession" specifically refers to the act of recovering goods that were sold under a contract, typically when the buyer fails to make payments as agreed. This procedure allows the seller or lender to reclaim the property to mitigate losses arising from the breach of contract by the buyer. The term is usually associated with secured transactions, where the lender has a legal right to take back the collateral if the borrower defaults.

The other options, while related to property and legal actions, do not accurately define repossession within contract law. For example, seizing property without notice typically implies a more aggressive or illegal action compared to the lawful procedures followed in repossession. Taking property through a court order does involve legal processes, but it would not be classified as repossession unless it pertains specifically to the reclaiming of goods under a contractual agreement. Borrowing property temporarily does not align with the nature of repossession, which is about reclaiming goods that were sold and not about lending arrangements.