What is the Difference Between Legal and Equitable Remedies?
🆚 Go to Comparative Table 🆚The main difference between legal and equitable remedies lies in their nature and the circumstances under which they are awarded. Here is a comparative overview of the two types of remedies:
Legal Remedies:
- Legal remedies are awarded in cases where a party has breached their legal rights, and the non-breaching party seeks to recover monetary damages.
- These remedies are typically awarded based on a set of rules and guidelines, making the outcome more predictable.
- Examples of legal remedies include compensation for damages sustained as a result of a contract breach and reimbursement for various items like out-of-pocket expenses.
Equitable Remedies:
- Equitable remedies are available when a party has suffered some sort of injustice or unfairness, and they seek a non-monetary solution to resolve the disputed issue.
- These remedies are granted at the discretion of the court, which has more flexibility in determining what type of remedy is appropriate.
- Examples of equitable remedies include specific performance (a court order requiring a party to fulfill their obligations under a contract) and injunction (a court order that requires a party to do or refrain from doing something).
In summary, legal remedies involve monetary compensation and are typically awarded based on established rules, while equitable remedies involve non-monetary solutions and are granted at the discretion of the court. In some cases, a party may seek both legal and equitable remedies in the same lawsuit, depending on the specific circumstances of the case.
Comparative Table: Legal vs Equitable Remedies
Here is a table comparing the differences between legal and equitable remedies:
Legal Remedies | Equitable Remedies |
---|---|
Monetary damages | Non-monetary solutions |
Awarded in court of law | Granted by a court of equity |
Typically awarded based on a set of rules | Granted at the discretion of the court |
Examples include compensatory, punitive, and liquidated damages | Examples include specific performance, injunction, and restitution |
Legal remedies allow the non-breaching party to recover monetary damages, such as compensatory, punitive, and liquidated damages. On the other hand, equitable remedies are non-monetary solutions to resolve disputes, including specific performance, injunction, and restitution. Legal remedies are awarded in a court of law, while equitable remedies are granted by a court of equity.
- Legal vs Equitable Interest
- Common Law vs Equity
- Liability vs Equity
- Legal vs Ethical
- Legal vs Ethical Issues
- Equity vs Equality
- Legal vs Lawful
- Equity vs Capital
- Law vs Justice
- Liquidated Damages vs Damages
- Civil vs Common Law
- Litigation vs Arbitration
- Derivatives vs Equity
- Compensatory vs Punitive Damages
- Equality vs Fairness
- Equity vs Assets
- Injunction vs Restraining Order
- Equity vs Security
- Damages vs Compensation