What is meant by law of equity?
EQUITY, in its technical and scientific legal sense, means neither natural justice nor even all that portion of natural justice which is susceptible of being judicially enforced.
What is the difference between common law and equity?
Common law and equitable right has two different function in that, common law establishes general rules which provide certainty, while, equitable rights acts as a check and balance of common law. This arises from the strict application of the common law.
What is the purpose of equity in law?
Equity essentially does not contradict the common law, but rather it aims at securing substantial justice when the rule of common law might see injustice.
What is equity in UK law?
Equity essentially means fairness. Our legal system is based on these rules and this area of law gave birth to the law of trusts. Trust law is a set of rules that have been established to regulate situations where one person places trust in another person to look after their affairs.
What is the principle of equity?
Equity proceeds in the principle that a right or liability should as far as possible be equalized among all interested. In other words, two parties have equal right in any property, so it is distributed equally as per the concerned law.
What is equity in simple words?
Equity, typically referred to as shareholders’ equity (or owners equity’ for privately held companies), represents the amount of money that would be returned to a company’s shareholders if all of the assets were liquidated and all of the company’s debt was paid off.
What is the role of equity?
The term “equity” is in a general sense, associated with notions of fairness, morality and justice. It is an ethical jurisdiction. … Facing duality persisted until the Judicature Acts which created the Supreme Court of Judicature and allowed all courts to exercise both a common law and equitable jurisdiction.
What are the five maxims of equity?
The main maxims are as follows: • equity acts * in personam; • equity acts on the conscience; • equity aids the vigilant; • equity will not suffer a wrong without a remedy (i.e. equity will not allow a person whom it considers as having a good claim to be denied the right to sue); • equity follows the law (i.e. equity …
Where is common law and equity conflict?
It was ruled that, where there is a conflict between the common law and equity, equity will prevail. The conflict was finally put to rest by the setting up Judicature Acts in 1873-75 where the Supreme Court could now administered both rules of common law and equity.
What is equity in society?
Social equity is concerned with justice and fairness of social policy. Since the 1960s, the concept of social equity has been used in a variety of institutional contexts, including education and public administration.
What is equity law and where did it come from?
The system of law or body of principles which originated in the English court of Chancery, which superseded the common law and statute law when there was a conflict between the two. A right, interest or remedy recognizable by a Court of equity. The right to decide matters in equity or equity jurisdiction.