Equitable remedies are legal solutions provided by courts to address situations where monetary damages are insufficient. These remedies aim to achieve fairness and justice, often involving actions that require a party to do or refrain from doing something. Common types of equitable remedies include injunctions, specific performance, and rescission. Unlike legal remedies, which typically involve financial compensation, equitable remedies focus on restoring balance and preventing harm. For instance, a court may issue an injunction to stop a party from continuing harmful actions or order specific performance to compel a party to fulfill a contract.