COMM 393 Lecture Notes - Lecture 3: Equitable Remedy, Precedent, Specific Performance
Document Summary
The whole system is based on stare decisis (let the former decision stand) The theory of precedent (common law judges must look to past cases with similar/identical facts, from a higher or equal court in the same jurisdiction to decide new case) Common law remedy is only money (you have to quantify your loss in $) Originated at the end of the 13th century in england. First called the courts of chancery -> later on the courts of equity. Equitable legal principles developed (quite well-formed today) In 1875, 2 courts merged in england but the systems remained distinct, but both of them are case based. Specific performance (mantane vs. schroeder: court order to live up to a promise. Injunction: court order to stop doing stop doing something you promised you wouldn"t do. Rescission: court unravels a contract and places parties at their pre- contract position. Equitable remedies are discretionary and must be asked for.
