What is the meaning of equitable remedy?
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 purpose of the equitable remedy of rescission?
In contract law, rescission is an equitable remedy which allows a contractual party to cancel the contract. Parties may rescind if they are the victims of a vitiating factor, such as misrepresentation, mistake, duress, or undue influence.
What are examples of equitable remedies?
There are three types of equitable remedies: specific performance, injunction, and restitution.
What is equitable remedies in administrative law?
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 is the difference between legal remedy 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 is rectification equity?
The equitable remedy of correcting of mistakes made in recording agreements. By its nature, rectification is only applicable in the case of written contracts. If the parties agree to rectification, they may correct the mistake by entering into a deed of rectification.
What is the purpose of the equitable remedy of rescission quizlet?
Rescission is an equitable remedy through which the original contract is voided. Contract: Rescission. State the rule. A contract may be rescinded if the requesting party can prove mistake, misrepresentation, coercion, undue influence, lack of capacity, failure of consideration, or illegality.
What is the difference between legal remedies and equitable remedies?
In what way do legal remedies and equitable remedies differ?
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 from common law remedies?
Common Law remedies, particularly damages, are frequently assumed to be non-discretionary, whereas equitable remedies are explicitly stated to be discretionary.
What is the difference between legal remedies and equitable remedies for breach of contract?
What is equitable remedy?
Equitable Remedy. Court-ordered action that directs parties to do or not to do something; such remedies include injunctive relief and Specific Performance.
What is rectification and how does it work?
Rectification is not a do over and like many equitable remedies, is only granted in specific and exceptional cases. It will not substitute a better judgment or proper due diligence, and requires strong evidence in order to for a court to exercise its equitable jurisdiction.
What are equitable remedies in breach of contract cases?
In breach of contract cases, courts assign different remedies such as equitable remedies, where restitution is presented without money being given to the breached party. Explore examples of different types of equitable remedies, including rescission, specific performance, and reformation, among others. Updated: 09/26/2021
Is rescission of a contract an equitable remedy?
Because rescission of a contract is an equitable remedy, only the elements of equitable fraud need to be proven by the plaintiff in his effort to avoid a damage limitation clause. Overcoming limitation of liability clauses in commercial warehouse storage contracts.