MANGMT 3540 1st Edition Lecture 17 Outline of Last Lecture I. Types of interests of non-breaching partiesII. Six categories of money damagesOutline of Current LectureIII. Equitable vs. Legal RemediesIV. Types of Equitable RemediesV. Election of RemediesCurrent LectureI. Equitable vs. Legal RemediesA. Equitable Remediesi. When Allowed1. Monetary damages (common law or “legal” remedy) alone must be inadequate2. Person seeking equitable remedy must be acting fairlyii. Types of remedies: orders to act or refrain from an act; orders to change astatusiii. Judge decides facts (no right to jury trial)B. Legal remediesi. Required avenue where monetary compensation is sufficientii. Right to have a jury trial: Jury decide factsThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.II. Types of Equitable RemediesA. Rescission and Restitutioni. Cancellation of the contract and restoration of the Status Quo (pre-contract situation)ii. Available where there is lack of reality of consentB. Specific Performancei. A court order requiring a party to perform the terms of the contractii. Only available for unique itemsiii. Land is uniqueiv. Examples: art, heirloomsC. Quasi Contracti. Elements1. One party provided a service or benefit to the other party2. The other party is unjustly enriched if there is no payment for the benefitii. Application1. Material breach: either breaching or non-breaching party may usein appropriate circumstancesa. Breaching partyb. Non-breaching party2. Work done by mistake3. Unconscious patient (best example)D. Injunctioni. A court order that something be done or be stoppedii. Elements of proof:1. Money damages must be inadequate2. Irreparable injury must result if there is no injunctionE. Reformationi. An oral agreement is imperfectly reduced to writing (scrivener’s error), so the agreement is revised to conform to the parties’ intentIII. Election of RemediesA. Problem of Double recovery:i. Allowing both equitable and legal remedy can lead to double recoveryB. Examplei. Both rescission and money damages for negligent misrepresentation- get damages for a bad car you no longer have because you got your money back and returned itC. Choice required:i. Typically, the plaintiff must choose between contradictory remedies prior to submission of case to judge or jury for
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