What is a Declaratory Judgment?
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A request for a declaratory judgment may be filed with the court, seeking to have a judicial declaration of the rights of parties involved. A petition for a declaratory judgment asks the court to define the legal relationship between the parties and their rights with respect to the matter before the court. It is used to determine the legal status of a situation, rather than the enforcement of the rights involved.
An unjustifiable failure to perform all or some part of a contractual duty is a breach of contract or agreement. A legal action for breach of contract arises when at least one party's performance does not live up to the terms of the contract and causes the other party to suffer economic damage or other types of measurable injury. A lawsuit for breach of contract is a civil action and the remedies awarded are designed to place the injured party in the position they would be in if not for the breach. Remedies for contractual breaches are not designed to punish the breaching party. The five basic remedies for breach of contract include the following: money damages, restitution, rescission, reformation, and specific performance. A money damage award includes a sum of money that is given as compensation for financial losses caused by a breach of contract. Parties injured by a breach are entitled to the benefit of the bargain they entered, or the net gain that would have accrued but for the breach. The type of breach governs the extent of damages that may be recovered.
Equitable refers to something characterized by fairness, impartiality, or lack of bias. '''Equity''' is the name given to the whole area of the legal system in countries following the English common law tradition that resolves disputes between persons by applying principles of fairness and justness. Courts of equity apply equitable principles to grant equitable remedies, such as declaratory judgments, injunctions or decrees directing someone either to act or to forebear from acting, while courts of law apply the law to award money damages.