Final Exam

In: Business and Management

Submitted By mrshagan0826
Words 3377
Pages 14
Week 8 : Final Exam - Final Exam

1. (TCO 1) Your company owns a piece of land and is in the middle of purchasing this property to expand their footprint in the community. At the last minute, the seller has backed out of the deal, leaving you with few options. Your supervisor wants to explore the options for remedies in this case.
What remedies would be available given the type of transaction and outcome at stake? Would legal damages make the company whole? What equitable remedies may be available? Explain your answer highlighting the difference between remedies at law and remedies at equity? (Points : 20)

Equitable remedies are rarely used for contact breaches. They may be used if there is no other way to compensate an Innocent party and also in the sale of unique objects and in the sale of land.
In Equity there is only one remedy the “specific performance” where you make the person perform the contact. Remedies at law are ways to right a wrong that are specified in the laws, such as making you pay a person back, or posting a bond against future performance or seizing (repossessing) property. The key is that they are standard and defined in the laws and usually are monetary. Some courts are allowed to apply the principles of equity instead of or in addition to those of law. Equity courts emerged to cover situations where there was no law or the law didn't provide proper remedies. Equity courts don't set precedents. Remedies in equity are more often injunctions or orders to do or not do something. Equity remedies are usually not monetary. Traditionally, one in a law case might have a jury, but that was not so in chancery. Law and chancery have gradually merged, but there are vestiges that remain and can be seen in the fact that in some cases one does not have the right to a jury, and in that traditional equity cases can have more available remedies than…...

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