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 1 year ago

1. What is the difference between legal and equitable remedies? A buyer contracts to buy a...

1. What is the difference between legal and equitable remedies? A buyer contracts to buy a 1941 four-door Cadillac convertible from a seller for $75,000. The seller, having found a third party who will pay $85,000 for the car, refuses to sell to the buyer. What is the buyer’s remedy? Assume the third party had paid the $85,000 and the seller was ordered to sell to the buyer. What is the third party’s remedy? Professor Smith contracts to teach business...

What are the equitable remedies available if monetary compensation is insufficient?

What is the difference between monetary and fiscal policy?

1) What is the difference between the World Bank and the International Monetary Fund and what...

1) What is the difference between the World Bank and the International Monetary Fund and what role do they play in developing countries?

What is the difference between fiscal and monetary policies? Please discuss in detail.

What is the difference between fiscal and monetary policy? Give examples of each.

answer must be a minimum of two paragraphs What is the difference between monetary policy and...

answer must be a minimum of two paragraphs What is the difference between monetary policy and fiscal policy? Which is more effective to regulate economic activity over time, monetary or fiscal policy?

Explain the difference between expansionary and contractionary monetary policy.

What is the key difference between the Classical and Keynesian models? Explain why monetary policy is...

What is the key difference between the Classical and Keynesian models? Explain why monetary policy is neutral in the Classical model. Explain why it is non-neutral in a Keynesian model.

Which of the following best describes the difference between monetary policy and fiscal policy? Monetary policy...

Which of the following best describes the difference between monetary policy and fiscal policy? Monetary policy is quicker to implement but has a longer effect lag than fiscal policy. Monetary policy is slower to implement but has a longer effect lag than fiscal policy. Monetary policy is quicker to implement but has a shorter effect lag than fiscal policy. Monetary policy is slower to implement but has a shorter effect lag than fiscal policy.

Question