what is the difference between monetary damages and equitable damages?

Expert Solution

	Monetary damages	Equitable damages
1)	These are also known as legal remedies.	These are also known as Non- monetary damages.
2)	These damages allow to the non breaching party to recover damages in monetary form.	These damages allow to find a solution to end the disputes between the parties.
3)	Forms of damages: Compensatory damages Punitive damages Liquidated damages Consequential damages Nominal damages	Form of damages: Injunctions Specific performance Recession Recitification Equitable estoppel Declaratory relief
4)	The purpose is to place the aggrieved party in the same position if the breach or the harm would not have been occured.	The purpose is to ensure fairness and justice where monetary damages are insufficient to compensate the victim.
5)	These damages depend upon the breach of rights.	These damages depends upon the discretionary powers (power to make decisions with one's own judgement) of one party.

keosha answered 2 years ago

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