Question

In looking at damages that can be received when a contract is not performed, there are various types of penalties that might be imposed, with some involving monetary damages and others involving equitable remedies such as specific performance. In looking at the various types of damages, discuss the pros and cons of seeking an equitable remedy as opposed to monetary damages and do the pros outweigh the cons or would it have just been easier to seek monetary compensation?

This is for business law.

Answer 1

Equitable remedies are fair as opposed to actual monetary damages suffered as the result of a breach. A court may require the nonperforming party to carry out the exact terms of the contract. Equitable remedies comes in place when monetary compensation cannot adequately resolve the wrongdoing.monetray remedy is better in cases which involve compensatory damages, lost profits, punitive damages, lost wages, expectation damages, and restitutionary damages. an equitable remedy prevent a future harmful action rather than to compensate for a past injury .sometimes there are cases in which award of money damages is not a satisfactory solution and for which any sort of monetary value cannot be calculated, then equitable remedy is the only solution. There may be some cases where a lawsuit can include both legal and equitable claims such as employment law cases in which a legal claim is for lost wages and quotable claim might be a request to change the company policy that led to the plaintiff's loss. So it depends one particular situation to seek which kind of remedy.