Question

This is related to Business law for accounting

What is the most common remedy awarded by courts to the successful plaintiff in contract and tort cases? What are the other types of monetary damages and non-monetary remedies which the court can also award? Provide examples of where these other remedies apply and explain why these other remedies are uncommon.

Answer 1

There are two general categories of remedies—legal and equitable. In the category of legal remedies are damages. Damages are money paid by one party to another; there are several types of damages. In the category of equitable remedies are these three: specific performance, which means a person is ordered to deliver a unique thing (land or a unique personal property, such as a painting or an antique car); injunction, a judicial order directing a person to stop doing what he or she should not do (such as competing with a former employer in violation of a noncompete agreement); and restitution, which means putting the parties back into the position they were in before the contract was made.