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equitable compensation; appointment or removal of fiduciary; interpleader; equitable tracing as a remedy for unjust enrichment; 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 ...
AIB, seeking to recover more, then claimed Mark Redler solicitors acted in breach of trust and fiduciary duty, breach of contract, and was negligent. It sought the full loan amount, minus the amount from the sale, namely around £2.5m. It asked for reconstitution of the fund paid away, equitable compensation and damages for breach of contract.
Damages aim at making up the harm that a breaching party has committed to the victim. In the history of the English legal system, the legal remedy only existed in the form of monetary relief, and therefore the victim must petition through a separate system if the victim wanted other forms of compensation.
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 contrast with damages (the law of compensation), restitution is a claim or remedy requiring a defendant to give up benefits wrongfully obtained. Liability for restitution is primarily governed by the "principle of unjust enrichment": A person who has been unjustly enriched at the expense of another is required to make restitution.
When a court of equity is presented with a good claim to equitable relief, and it is clear that the plaintiff also sustained monetary damages, the court of equity has jurisdiction to render legal relief, e.g., monetary damages. Hence equity does not stop at granting equitable relief, but goes on to render a full and complete collection of remedies.
Equitable compensation for breach of the duty of skill and care resembles common law damages in that it is awarded by way of compensation to the plaintiff for his loss. There is no reason in principle why the common law rules of causation, remoteness of damage and measure of damages should not be applied by analogy in such a case.
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."