Table of Contents
What is the difference between legal remedies and equitable remedies?
Legal remedies are ones that allow the party not in breach to recover money, whereas equitable remedies involve resolution through non-monetary solutions. Equitable remedies are actions rather than a financial award.
Why are equitable remedies important?
Equitable remedies are judicial remedies developed by courts of equity from about the time of Henry VIII to provide more flexible responses to changing social conditions than was possible in precedent-based common law.
What is the difference between legal and equitable claims?
There are two types of claims: legal and equitable. While plaintiffs pursuing a legal claim ask a court to award money, litigants bringing an equitable claim ask a court to either prompt or stop a particular action or event.
What are the 3 remedies at law?
Monetary awards (called “damages”), specific performance, and restitution are the three principle remedies.
What is an example of equitable relief?
A common form of equitable relief will order the rescission of a contract, which cancels all terms and obligations and restores both parties to their pre-contract position. For example, gag orders, which prevent a party from publishing sensitive information, are often issued in cases of intellectual property theft.
What are the rules for equitable relief?
Equitable relief is a court-granted remedy that requires a party to act or refrain from performing a particular act in cases where legal remedies are not considered to provide sufficient restitution.
What is equitable relief examples?
Instead, it’s a ruling whereby a court orders one party to refrain from participating in one activity and orders them to perform a new action for the sake of the other party. Two examples of equitable relief are injunctions and restraining orders.
What is equitable estoppel in law?
More simply put, equitable estoppel is generally words or conduct which cause another person to believe a certain state of things exists and to consequently change his or her position in an adverse way.
What is an equitable remedy example?
An injunction is another equitable remedy, which directs someone to stop doing something he or she shouldn’t do. For example, an employer and employee sign a non-compete agreement. After the employee leaves the employer, he breaches the contract by competing with his former company.
What is the most common legal remedy?
1. Compensatory Damages. An award of compensatory damages is the most common of the legal remedies for breach of contract. The calculation of compensatory damages is based on the actual losses you have sustained as a result of the breach of contract.
What are the 3 types of damages?
There are 3 types of damages are: economic, non-economic, and exemplary.
What are the most common equitable remedies sought?
The most important equitable remedies are decrees of specific performance and injunctions. Under an order of specific performance, one party to a contract is ordered to perform their contractual obligations. This is the remedy Jenny would want in the first scenario, as this would mean she could get the house she wants.