Equity Flashcards
What are the necessary elements to obtain injunctive relief?
A π must show: (1) the legal remedy is insufficient, (2) enforcement of an equitable decree would be feasible, practicable, and effective to vindicate the π’s rights, (3) the hardship to the π will amount to irreparable injury, (4) no ∆’s are available to the ∆.
What are the necessary elements to obtain specific performance?
A π must show: (1) a contract exists, (2) all contractual duties have been fulfilled, (3) the legal remedy is inadequate, (4) enforcement is feasible, and (5) there are no ∆’s available to the ∆.
What is an equitable mortgage?
Defined: a creature of the court that effectively creates a mortgage relationship when a creditor has received a deed solely to secure an obligation and later refuses to reconvey the property on satisfaction of the debt. Under these circumstances, the courts will treat the deed as a mortgage and force the creditor to foreclose if the mortgage is unpaid or reconvey if the mortgage is paid.
