Clauses Relating to Defaults, Default Remedies
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FAQ
Equitable relief, also referred to as an equitable remedy, is a type of court-ordered relief for an aggrieved party that is used when ordinary legal remedies such as awarding damages are considered inadequate justice for the suffering party.
Monetary awards (called damages), specific performance, and restitution are the three principle remedies.
Repudiation. If the other party breaches a condition of the contract, you may be able to 'repudiate' the contract to terminate it and claim damages for your loss - or to 'affirm' the contract and claim damages. Damages. Specific Performance.
Equitable defenses are usually affirmative defenses asking the court to excuse an act because the party bringing the cause of action has acted in some inequitable way.
A decree of specific performance is one of the most important equitable remedies. It is a court order directed to someone who is party to a contract to instruct them to perform their obligations under the contract.
The party who is injured by the breach of contract may bring an action of breach of contract either by remedy of specific performance or the damages available such as general or liquidated damages, nominal damage (no loss situation), compensatory, punitive and specific.
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
A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
There are three types of equitable remedies: specific performance, injunction, and restitution.