What are examples of equitable remedies?

Equitable remedies are a distinct category of remedies that can be obtained in a breach of contract situation. Legal remedies allow the non-breaching party to recover monetary damages. In contrast, equitable remedies are actions that the court prescribes which will serve to resolve the breach or dispute.

Equitable remedies are a distinct category of remedies that can be obtained in a breach of contract situation. Legal remedies allow the non-breaching party to recover monetary damages. In contrast, equitable remedies are actions that the court prescribes which will serve to resolve the breach or dispute.

Additionally, what is the difference between an equitable remedy and a legal remedy? These equitable doctrines and procedures are distinguished from “legal” ones. 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.

Secondly, what remedies are available in equity?

An introduction to various remedies available in equity, including rectification, specific performance, injunctions, estoppel, account of profits, subrogation, rescission, declarations and liens.

Which of the following is type of equitable remedy for breach of contract?

There are several remedies a court can impose on parties in a breach of a contract case: rescission, restitution, specific performance, injunction, reformation or quasi-contract.

What are equitable causes of action?

Equitable Actions can be thought of as claims based on fairness. The Court is essentially asked to do justice where it is so required. Rescission requests that the court undo a contract, generally because of fraud, mistake, impossibility of performance or other grounds and there is no adequate remedy under the law.

What are the 12 maxims of equity?

List of Maxims Equity sees that as done what ought to be done. Equity will not suffer a wrong to be without a remedy. Equity delights in equality. One who seeks equity must do equity. Equity aids the vigilant, not those who slumber on their rights. Equity imputes an intent to fulfill an obligation.

What are the equitable principles?

Equitable Principles means applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar Laws affecting creditors’ rights generally from time to time in effect and to general principles of equity, regardless of whether in a proceeding at equity or at Law.

What are the two types of remedies?

There are two general categories of remedies—legal and equitable. In the category of legal remedies are damagesMoney paid by one party to another to satisfy a liability.. Damages are money paid by one party to another; there are several types of damages.

What is effective remedy?

Effective Remedies. You have the right to an effective remedy when your human rights and fundamental freedoms are restricted or violated. Effective remedies can be obtained directly from Internet service providers, public authorities and/or national human rights institutions.

What are the general principles underpinning equitable remedies?

In common law jurisdictions, there are a variety of equitable remedies, but the principal remedies are: injunction. specific performance. account of profits. rescission. rectification. equitable estoppel. certain proprietary remedies, such as constructive trusts. subrogation.

What are remedies?

Definition of remedy. (Entry 1 of 2) 1 : a medicine, application, or treatment that relieves or cures a disease. 2 : something that corrects or counteracts. 3 : the legal means to recover a right or to prevent or obtain redress for a wrong.

What do you mean by rescission?

In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Rescission is the unwinding of a transaction. This is done to bring the parties, as far as possible, back to the position in which they were before they entered into a contract (the status quo ante).

How many equitable maxims are there?

twelve equitable maxims

Is equity a law?

In jurisdictions following the English common law system, equity is the body of law which was developed in the English Court of Chancery and which is now administered concurrently with the common law.

What is the role and purpose of equity?

The term “equity” is in a general sense, associated with notions of fairness, morality and justice. It is an ethical jurisdiction. On a more legalistic level, however, “equity” is the branch of law that was administered in the Court of Chancery prior to the Judicature Acts 1873 and 1875.

Which remedy is available under common law and equity?

Equity has been important in supplementing many new remedies to the common law. Some of the most important are those of specific performance, injunction, rescission and rectification.

What is an equitable remedy quizlet?

equitable remedies developed in chancery for where common law remedy not sufficient, in personam, discretionary, damages inadequate. Definition Specific Performance. This is a court order to perform a positive contractual obligation, meaning an order to do something that have contracted to do. You just studied 88 terms

Which of the following is classified as an equitable remedy?

An equitable remedy refers to an action ordered by the court when there is no available money to be given to the breached party in a contract. Examples of equitable remedy are: restitution, recession, injunction, specific performance and quasi contract.