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Topic 6-Discussion 1
Q Each of you in your own words explain the difference between monetary damages and equitable remedies. Each of you give a different example of the type of damages available in the event of a breach of contract.
For the First Post, Equitable remedies are something based on fairness in contrary to the actual monetary damage that parties to contract have suffered as the outcome of a breach. A very common type of equitable remedy, which is used particularly when the goods are unique is known as “Specific performance”. Further, in order to judge upon this, a court order lay emphasis upon the non-performing party to carry out the appropriate terms of the contract. Like for example, if the art gallery seems to have settle on a contract that includes painting by some famous local artists in an upcoming exhibition but it is seen that that dealer actually failed to deliver the painting properly, then the court can order the dealer to present the exact painting (Davidson, 1981).