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Rescission is an equitable remedy and is discretionary. [4] It is used as a synonym for termination at law. A court may decline to rescind a contract if one party has affirmed the contract by his action, [ 5 ] or a third party has acquired some rights or there has been substantial performance in implementing the contract.
equitable tracing as a remedy for unjust enrichment; The two main equitable remedies are injunctions and specific performance, and in casual legal parlance references to equitable remedies are often expressed as referring to those two remedies alone. Injunctions may be mandatory (requiring a person to do something) or prohibitory (stopping them ...
A legal remedy, also referred to as judicial relief or a judicial remedy, is the means with which a court of law, usually in the exercise of civil law jurisdiction, enforces a right, imposes a penalty, or makes another court order to impose its will in order to compensate for the harm of a wrongful act inflicted upon an individual.
The right of rescission gives you the legal grounds to rescind (hence the name) your portion of certain home financing agreements. In other words, a rescission, in mortgage speak, is your chance ...
Rescission can be effected either by informing the representor or by requesting an order from the court. Rescission is an equitable remedy which is not always available. [77] Rescission requires the parties to be restored to their former positions; so if this is not possible, rescission is unavailable. [78]
It can be argued as a defense, and if raised successfully, can lead to the agreement in question being found void ab initio or voidable, or alternatively, an equitable remedy may be provided by the courts. Common law has identified three different types of mistake in contract: the 'unilateral mistake', the 'mutual mistake', and the 'common ...
Where an individual is unjustly enriched, modern common law imposes an obligation upon the recipient to make restitution, subject to defences such as change of position and the protection of bona fide purchasers from contrary equitable title. Liability for an unjust enrichment arises irrespective of wrongdoing on the part of the recipient ...
"Adequate Remedies" refers to the legal remedy, and equitable remedies that apply to the administrative or state court remedies. [4] The court was unable to grant any equitable remedies such as specific performance where there is a plain legal remedy such as monetary damages. "Adequate Remedies" continues to appear in the federal case between ...