NOVEMBER 2019 QUESTION 4 (a) (ii)
Specific performance: This is a court order which compels a party to perform its part of the contract. It orders the defendant to honour his contractual obligation as previously agreed. It manifests the equitable maxim that equity acts in Personam.
Injunction: This is a court order which either restrains a party from doing or continuing to do a particular thing or compels a party to put right what it has wrongly done. It is either prohibitory or mandary and is generally awarded in circumstances in which money cannot adequately compensate the person.
Tracing: this is a court order which enables a party to follow and recover money or goods which change hands in certain circumstances for example under a void contract.
Rescission: This is an equitable remedy who essence is to restore the parties to the position they were before the contract.
Appointment of receiver: This is a remedy available to debenture holders. The receiver may be appointed by the court on application or by the debenture holder in accordance with the terms of the debenture. The receiver protects and manages the security for the benefit of the debenture holder.
Winding up: This is the legal process by which a company‟s existence is brought to an end,it assets collected in realized, liabilities ascertained and made good and the balance if any, distributed among the members.
