Week 6 - Lecture 12 - Equity and Trusts - Equity Trusts 70517 Topic 12 Equitable Compensation Equity Trusts 70517 Topic 1 History and Nature of Equity

Week 6 - Lecture 12 - Equity and Trusts - Equity Trusts...

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Equity & Trusts 70517 Topic 12: Equitable Compensation
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Equity & Trusts 70517 Topic 1 - History and Nature of Equity Topic 2 - Unconscionable Dealing and Undue Influence Topic 3 - Introduction to Estoppel/ Proprietary Estoppel Topic 4 - Promissory Estoppel Topic 5 - Equitable Interests in Property Topic 6 - Assignment I (Methodology/ Future Property) Topic 7 - Assignment II (Failed Assignment of Legal Property at Law) Topic 8 - Assignment III (Equitable Assignment of Equitable Property) Topic 9 - Fiduciary Obligations Topic 10 - Accessory Liability Topic 11 - Tracing/ Account of Profits Topic 12 - Equitable Compensation Topic 13 - Constructive Trusts Topic 14 - Resulting Trusts Topic 15 - Express Trusts Topic 16 - Duties, Powers, Rights and Liabilities of Trustees; Rights of Beneficiaries
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Topic 12 – Equitable Compensation Equity & Trusts 70517 EQUITABLE COMPENSATION LECTURE SUMMARY: A. Introduction to Equitable Compensation B. Causation Issues C. Examples
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Topic 12 – Equitable Compensation Equity & Trusts 70517 A. Introduction to Equitable Compensation •. a personal remedy, monetary award. •. object of the remedy is to compensate the plaintiff for his or her loss as a result of the defendant’s wrong. •. aim of equitable compensation is to restore the plaintiff as nearly as possible to the position had there been no breach of the equitable obligation: Nocton v Lord Asburton [1914] AC 932 at 952.
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Topic 12 – Equitable Compensation Equity & Trusts 70517 A. Introduction to Equitable Compensation •. Discretionary •. Not dependent on defendant having made gain. •. Plaintiff must elect between account of profits and equitable compensation. •. may be awarded for any breach of obligation within equity’s exclusive jurisdiction
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Topic 12 – Equitable Compensation Equity & Trusts 70517 A. Introduction to Equitable Compensation Similarities with common law damages: •. Both are monetary awards to compensate loss and put the plaintiff back in the position as if the loss or damage had not occurred. •. Both may require discounts and allowances to be taken into account in assessing the amount of compensation; as Young notes, for example, to reflect the court’s assessment of whether a business arrangement would have been successful or not:
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