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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: injunction [5] [6] specific performance; account of profits; rescission ...
Adequate remedy at law" refers to the sufficient compensation for the loss or damages caused by the defendant with a proper monetary award. [3] The court must grant the adequacy of remedy that will lead to a "meaningful hearing". Whether legal damages or equitable relief are requested depends largely on,whether or not the remedy can be valued. [3]
In law, an equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". [1]
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual.
Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
United States bankruptcy courts serve as an example of a US federal court that operates as a court of equity. A few common law jurisdictions, such as the U.S. states of Delaware, Mississippi, New Jersey, South Carolina, and Tennessee, continue to preserve the distinctions between law and equity as well as between courts of law and courts of equity.
The relief of Specific Performance is an equitable relief which is usually remedial or protective in nature. In civil law (the law of continental Europe and much of the non English speaking world), specific performance is considered to be the basic right. Money damages are a kind of "substitute specific performance."
An account of profits (sometimes referred to as an accounting for profits or simply an accounting) is a type of equitable remedy most commonly used in cases of breach of fiduciary duty. [1] It is an action taken against a defendant to recover the profits taken as a result of the breach of duty, in order to prevent unjust enrichment.