What are the four types of equitable remedy?
Forms of Equitable Relief
- Specific Performance.
- Rescission.
- Injunction.
- Rectification.
- Account of Profits.
What are the 3 equitable remedies?
There are three types of equitable remedies: specific performance, injunction, and restitution.
What are the categories of equitable common law remedies?
The courts have determined are a variety of equitable remedies, but the principal remedies are: Injunction, Specific performance, Account of profits, Rescission, Declaratory relief, Rectification, Equitable estoppels, Subrogation[iii]. The most popular ones were injunctions and specific performance.
What is considered an equitable remedy?
Equitable remedies are actions that the court prescribes which will serve to resolve the breach or dispute. Equitable remedies are typically granted when legal remedies or monetary compensation cannot adequately resolve the wrongdoing.
What are the two types of equitable remedy?
The two main equitable remedies are injunctions and specific performance, and in casual legal parlance references to equitable remedies are often expressed as referring to those two remedies alone. Injunctions may be mandatory (requiring a person to do something) or prohibitory (stopping them doing something).
What are equitable remedies examples?
Examples of equitable remedies include remedies obtained in situations involving a breach of contract….Restitution
- Incapacity or misrepresentation voids the contract.
- One party breaches the agreement.
- The party seeking restitution breaches the contract.
What are the two types of equitable remedies?
Why is equitable remedy used?
The aim of the equitable remedy is to “do more perfect or complete justice” (Wilson v Northampton and Banbury Junction Railway Co [1874]). The common law remedy of damages for breach of contract is an example of a remedy that is available as of right.
Are injunctions equitable remedies?
An injunction is an equitable remedy, is therefore available only in cases of in-personam jurisdiction, and not in in-rem or quasi-in-rem jurisdiction.
What is the difference between an equitable remedy and a legal remedy?
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.
How do equitable remedies differ to common law remedies?
Equitable remedies are broad in scope, flexible, direct in application and supplement the common law. Unlike common law remedies, equitable remedies are not constrained by concepts such as remoteness of damage or causation, thereby enabling equity to go beyond the common law in redressing loss and damage.
What is the difference between equitable remedies and legal remedies?
Why are rules and remedies classified as equitable?
However, the classification of rules and remedies as legal or equitable survives. This is so because the system of precedents that characterizes the common law system requires that decisions and remedies be based on earlier cases, and so judges and lawyers still need to make these distinctions in the argumentation and decision processes.
How is an equitable lien different from a legal remedies?
Equitable remedies are distinguished from “legal” remedies (which are available to a successful claimant as of right) by the discretion of the court to grant them. In common law jurisdictions, there are a variety of equitable remedies, but the principal remedies are: in very specific circumstances, an equitable lien.
Can a lawsuit be filed for an equitable remedy?
You can then file a lawsuit for breach of contract, and the court may order the person or the company to refund your money. Historically, remedies are categorized as either legal or equitable. This is based on the system of English common law, which was divided into courts of law that could award monetary damages and courts of equity of chancery.
Which is the third type of equitable relief?
The third type of equitable relief is restitution. Restitution is a remedy applicable to several different types of cases: those in which the contract was avoided because of incapacity or misrepresentation, those in which the other party breached, and those in which the party seeking restitution breached.