What is an example of an equitable remedy?

A typical example of an equitable remedy is monetary loss. The party who has been wronged may receive money as compensation for their losses, even if the other party does not have enough money to pay. There are two types of remedies in contract law: equitable and legal.

What are the three equitable remedies?

A number of recent cases have concerned the equitable remedies of specific performance, injunctions and equitable damages in the context of a breach of contract.

What is the most common equitable remedy?

The most frequent equitable remedies available for breach of contract are contract reformation, specific performance of a contract, and rescission of a contract.

Is damages an equitable remedy?

Courts generally favour legal remedies for breach of contract, but they have the discretion to award equitable relief if legal damages are inadequate to compensate the aggrieved party for its losses.

What is meant by equitable remedies?

The practice of granting equitable remedies came about to compensate for the inadequacies of the common law courts which could not grant remedy if the affected party wanted the performance of the contract or wanted to prevent the commission of a wrong threatened.

What are the 6 equitable maxims?

Equity is equality. He who comes to equity must come with clean hand. Equity will not suffer wrong to be without remedy. Delay defeats equity.

Is compensation an equitable remedy?

A personal monetary remedy available for loss flowing from equitable wrongs such as breach of trust, breach of fiduciary duty and breach of confidence. The purpose of equitable compensation is to compensate the applicant for its loss.

Which of the following is not considered to be an equitable remedy?

Answer: E. Neither compensatory damages nor punitive damages are equitable remedies. An equitable remedy is nonmonetary relief granted by a court. Both compensatory damages and punitive damages are examples of monetary relief.

What are the two types of remedies?

There are two general categories of remedies—legal and equitable.

Which of the following is classified as an equitable remedy?

Specific performance, restitution, and injunction are the classification of equitable remedies.

What is the difference between a legal and equitable remedy?

While legal remedies typically involve monetary damages, equitable relief typically refers to injunctions, specific performance, or vacatur. A court will typically award equitable remedies when a legal remedy is insufficient or inadequate.

What are equitable remedies Australia?

There are two main equitable remedies for breach of contract. specific performance (requiring performance of contractual acts) injunction (requiring a party not to perform an act that would breach the contract)

Is injunction an equitable remedy?

An Injunction is an equitable remedy which is “a judicial process that compels a party to refrain from doing or to do a particular act or thing”. If any person disobeys the Order of Injunction passed by the Competent Court then there can be stiff monetary penalties and even imprisonment in certain instances.

Which of the following is not considered to be an equitable remedy?

Answer: E. Neither compensatory damages nor punitive damages are equitable remedies. An equitable remedy is nonmonetary relief granted by a court. Both compensatory damages and punitive damages are examples of monetary relief.

What are the two types of remedies?

There are two general categories of remedies—legal and equitable.

What is an example of equity law?

In a civil lawsuit the court will award monetary damages, however, equity was formed when monetary damages could not adequately deal with the loss. An example of this is if someone is infringing on a trademark of yours, you can get monetary damages for the loss, but your business could be ruined if they continue.

What equitable relief is appropriate?

What Is 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.

Is estoppel an equitable remedy?

Estoppel is an equitable remedy whereby a court can estop someone from reneging on certain promises. In the absence of a legal contract, there is still recourse through common law.

What is an equitable cause of action?

An “equitable” claim, cause of action, or a lawsuit “in equity,” is very similar to a tort, except that usually the remedy involved is granting a court order for the losing defendant to actually do something. The main issue in an equitable lawsuit is usually fairness.

Is rectification an equitable remedy?

Rectification is an equitable remedy through which the court can rectify, or correct, a mistake in a written contract.

What is the difference between equitable relief and injunctive relief?

A plaintiff who seeks equitable relief is asking the court for an injunction. An injunction is a court order compelling a party to do or refrain from doing a specified act.

What does Equitable mean in law?

Equity is understood by others as a better form of justice due to giving a specific judgement. Equity can be understood generally as justice and fairness. Arguably this can only be achieved if there is certainty within the law, as without the strict rules of law there would not be universal justice and fairness.

What are the remedies for mistake?

The remedy for mistake include: rescission, to put the parties in their precontractual positions. This remedy is the one that renders the contract void. rectification of the written agreement, so that it reflects actual agreement reached by the parties.