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1. Legal rights
- These are rights which originally could only be enforced by the common law courts.
- These rights are enforceable as of right i.e. once an infringement is established the aggrieved party is entitled to damages, for example breach of contract.
2. Equitable rights
- These rights were originally enforceable by the Lord Chancellors Courts.
- The enforcement of these rights is discretional i.e. it is for the court to determine whether or not the remedy sought will be availed e.g. rights of trustees or beneficiaries.
The main equitable remedies include:
1. Injunction: this is an order of the court which restrains a person from doing or
continuingto do a particular thing or compels him to undo what he has wrongly done. May
be temporal or perpetual.
2. Specific Performance: this is a court order which compels a party to perform
itscontractual obligations as agreed. It compels a party to honour its part of the contract
without an option to pay damages.
3. Rescission: the essence of this remedy is to restore parties to a contract to the position
they were before the contract.
4. Account: this is generally an exposition of the utilization of money or goods coming into the
hands of a person in a specific capacity e.g. agent, trustee or promoter. It entails the handing
over of anything obtained in a manner inconsistent with the position e.g. secret profit.
5. Tracing: this is a court order which enables a party to follow and recover assets or
monieswhich change hands in certain circumstances for example: void contracts. The
remedy is generally available only if the subject matter or its application is identifiable.
6. Winding Up: is the legal process by which a company?s existence is brought to an
end, itsassets realized, liabilities ascertained and paid and the balance if any distributed
between the members.
7. Appointment of Receiver: this is a person appointed by a debenture holder or the court
atthe instigation of a creditor to take over the borrowers security to facilitate payment of the
amount owing.
raphael answered the question on April 17, 2018 at 05:23
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