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Contract Remedies

Contract Remedies. Introduction. Damages are not always an adequate remedy Damages cannot compel or prevent a party. Equitable Remedies. We will be looking at the following equitable remedies Specific Performance Recission 3. Rectification. Criteria for Equitable Remedies.

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Contract Remedies

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  1. Contract Remedies

  2. Introduction Damages are not always an adequate remedy Damages cannot compel or prevent a party.

  3. Equitable Remedies We will be looking at the following equitable remedies • Specific Performance • Recission 3. Rectification

  4. Criteria for Equitable Remedies 1. Equitable remedies are discretionary 2. The common law remedies must be inadequate 3. The maxims of equity apply

  5. Specific Performance An order requiring a party to perform or complete the performance of their obligations under the contract It puts the parties in the position they would have been in had the contract been performed

  6. Specific Performance • Discretionary • Damages MUST not be an adequate remedy • Can be granted where a party is in breach and cannot pay damages • Court will not make an order where there is a ready market for good because damages could compensate them adequately • Court will order Specific Performance where goods are unique

  7. Recission • Contract is set aside • Parties restored to the position they would have been in had the contract never been made • The contract is in effect voidable (valid until it is rescinded) • Be aware because it is voidable a claimant could affirm the contract

  8. When is Recission available? There are 2 main situations when Recission is available: - 1. Where a Misrepresentation has taken place 2. Where Undue Influence has been applied

  9. The Act of Recission Recission can take place by giving notice to the other partyContract will end without the need of a Court orderHowever the Court may be asked to declare the validity of a recission

  10. Equitable Bars to Recission • Restitutio in integrum is not possible 2. Third Party acquiring rights 3. Affirmation 4. Delay

  11. Rectification of the Contract • Applicable where there has beena mistake in the contract • The writing of the contract is being corrected NOT the contract itself • Clear and strong evidence is needed before rectification will be ordered

  12. Conclusion REMEMBER Ask your client what their desirable outcome is Consider if the remedy they seek is available INJUNCTIONS?

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