Equity Notes
Identify 6 things caught by the SOF
Judge decides all issues in equity = decree enforced through powers of contempt (no jury, no trial) = compliance incarceration
Buyers cover, sellers mitigate (there’s no opportunity to cover)
Chapter 1. Introduction [The study of judicial remedies: Rights & Remedies]
Ex Aequo et Bono: according to equity and good conscience
RIGGS v. PALMER * F: Grandson killed grandfather to gain inheritance * Letter of the Law would have awarded a murderer vested title * This is a rare exception to the ironclad, universal rule of wills * A will procured by fraud and deception/undue influence may be decreed void and set aside * A will containing provisions which are immoral, irreligious or against public policy will be held void * MAXIM: One should not profit by his own wrong…Must come in with clean hands…Where there is a wrong, there ought to be a remedy
Remedies: Substitutional & Specific * Equitable relief is specific performance…legal relief is substitutional (i.e. money damages) * Law is so universal that exceptional circumstances warrant relief * Legal relief can be ameliorated by equity in 2 ways: * 1) Remittitur: permits the judge to lower a damage award * 2) Additur: judge can also order additional damages * Nonetheless, equity is NOT money damages * If damages awarded and debtor is impecunious, then your remedy at law does nothing for you because they’re uncollectible and your remedy is worthless…they just don’t have the money
Equitable Remedies * EXAM: Develop short paragraph distinguishing between remedies as of right and those that are discretionary * Equity acts in personam… * Strength is you can lock them up * Weakness is they can flee * If you long-arm, then you need some minimum contact * Vesting statutes help with the weakness * Legal Remedies are as of right/ordinary. Equitable remedies are
Judge decides all issues in equity = decree enforced through powers of contempt (no jury, no trial) = compliance incarceration
Buyers cover, sellers mitigate (there’s no opportunity to cover)
Chapter 1. Introduction [The study of judicial remedies: Rights & Remedies]
Ex Aequo et Bono: according to equity and good conscience
RIGGS v. PALMER * F: Grandson killed grandfather to gain inheritance * Letter of the Law would have awarded a murderer vested title * This is a rare exception to the ironclad, universal rule of wills * A will procured by fraud and deception/undue influence may be decreed void and set aside * A will containing provisions which are immoral, irreligious or against public policy will be held void * MAXIM: One should not profit by his own wrong…Must come in with clean hands…Where there is a wrong, there ought to be a remedy
Remedies: Substitutional & Specific * Equitable relief is specific performance…legal relief is substitutional (i.e. money damages) * Law is so universal that exceptional circumstances warrant relief * Legal relief can be ameliorated by equity in 2 ways: * 1) Remittitur: permits the judge to lower a damage award * 2) Additur: judge can also order additional damages * Nonetheless, equity is NOT money damages * If damages awarded and debtor is impecunious, then your remedy at law does nothing for you because they’re uncollectible and your remedy is worthless…they just don’t have the money
Equitable Remedies * EXAM: Develop short paragraph distinguishing between remedies as of right and those that are discretionary * Equity acts in personam… * Strength is you can lock them up * Weakness is they can flee * If you long-arm, then you need some minimum contact * Vesting statutes help with the weakness * Legal Remedies are as of right/ordinary. Equitable remedies are