EQUITABLE REMEDY Meaning and
Definition
-
An equitable remedy refers to a solution or relief granted by a court of equity, as opposed to a court of law, to resolve a legal dispute or address a wrong or harm suffered by an individual or entity. In contrast to a monetary award typically granted by a court of law, an equitable remedy seeks to restore fairness and balance between the parties involved. It aims to rectify the situation by ordering specific actions, imposing certain restrictions, or providing non-monetary forms of relief.
Equitable remedies are based on the principles of fairness, justice, and the court's discretion to provide relief that a purely legal remedy may not be able to achieve. Examples of equitable remedies include injunctions, specific performance, reformation, rescission, and declaratory judgments.
Injunctions are court orders directing a party to do or refrain from doing a specified action. They are used to prevent harm, preserve rights, or maintain the status quo. Specific performance is an equitable remedy that compels the party in breach of a contract to perform its obligations as originally agreed upon. Reformation is an equitable remedy used to correct errors or ambiguities in legal documents to accurately reflect the true intentions of the parties. Rescission allows the cancellation or termination of a contract, restoring both parties to their pre-contractual positions. Declaratory judgments are court rulings that declare the rights or legal status of parties involved in a dispute without necessarily providing any additional relief.
Overall, equitable remedies are designed to provide a just and fair resolution in situations where monetary compensation alone may not be sufficient or appropriate.
Etymology of EQUITABLE REMEDY
The word "equitable" comes from the Latin word "aequus", which means fair and just. It derives from the Latin phrase "aequus animus", which translates to "an impartial or fair mind". "Equitable" is also related to the Latin word "aequitas", meaning equity or fairness.
The term "remedy" stems from the Latin word "remedium", which refers to a means of curing or healing. It is derived from the combination of "re" (meaning back) and "mederi" (meaning to heal).
When combined, the phrase "equitable remedy" refers to a fair or just solution or resolution. It is used particularly in the legal context to indicate a remedy provided by a court of equity, which aims to address a situation where the common law remedies may not be sufficient or appropriate.
