What is the difference between legal remedies and equitable remedies for breach of contract?

Legal remedies allow the non-breaching party to recover monetary damages. In contrast, equitable remedies are non-monetary solutions to resolve the disputed issue. In addition to these two remedies, a court may also order a declaratory judgment.

What are remedies at law and remedies in equity?

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.

What is an example of remedies in equity?

A common type of equitable remedy used in the case of unique goods is called “specific performance.” In this type, a court orders the breaching party to fulfill the exact terms of the agreement. For example, you run an art gallery. It’s contracted to display a piece by a well-known artist in an upcoming exhibition.

What are the remedies for breach of contract?

What are the Remedies for Breach of Contract? There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.

Are equitable remedies always available?

Equitable remedies are always discretionary There are also legal mechanisms to ensure that the defendant complies with the award of damages, and these are available whenever damages are awarded. The court does not have any discretion as to whether to award damages or assist in their collection.

What are the 3 equitable remedies?

There are three types of equitable remedies: specific performance, injunction, and restitution.

What are the five remedies for breach of contract?

Remedies for Breach of Contract

  • 1] Recession of Contract. When one of the parties to a contract does not fulfil his obligations, then the other party can rescind the contract and refuse the performance of his obligations.
  • 2] Sue for Damages.
  • 3] Sue for Specific Performance.
  • 4] Injunction.
  • 5] Quantum Meruit.

What are the two types of remedies?

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

What are the remedies for breach of contract in India?

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 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.