A definition of equity within the law

Account of Profits — This remedy is used to prevent unjust enrichment by recovering a monetary value from the unjustly enriched party. But in this context the term equity has a little bit different meaning and this is the common law concept of equity — the principle of equity, which means fairness, the carrying out of justice according to fair principles.

This equity is justly said to be a supplement to the laws; but it must be directed by science. After the end of the 17th century, only lawyers were appointed to the office of Chancellor. Today three states still have separate courts for law and equity; the most notable is Delawarewhose Court of Chancery is where most cases involving Delaware corporations are decided.

Tis all one as if they should make ye standard for ye measure wee call a foot, to be ye Chancellors foot; what an uncertain measure would this be; One Chancellor has a long foot - another a short foot - a third an indifferent foot; tis ye same thing in ye Chancellors conscience.

Over time, Equity developed a system of precedent much like its common-law cousin. This is a limited preview! Common law was a self-sufficient system. Ecclesiastical laws[ edit ] Ecclesiastical laws are a branch of English law and were English laws that dealt with matters concerning the church, this was so that religion and law was differentiated.

That writ gave him the written right to re-enter his own land and established this right under the protection of the Crown if need be, whence its value. Please improve it by verifying the claims made and adding inline citations. Furthermore, certain statutes like Employee Retirement Income Security Act specifically authorize only equitable relief, which forces US courts to analyze in lengthy detail whether the relief demanded in particular cases brought under those statutes would have been available in equity.

Both the individual states and the federal government supported common law after the American Revolution. How is Equity Related to the Environment? Consequently, if there is an adequate legal remedy available to the Plaintiff I need not slavishly examine equitable remedies that might also be available to him.

A string of cases in the s saw the High Court of Australia re-affirm the continuing vitality of traditional equitable doctrines. Equity will not suffer a wrong to be without a remedy, Equity delights to do justice, and not by halvesand He who comes to equity must come with clean hands.

Common law was a self-sufficient system. The plaintiff would purchase a writ in the Chancerythe head of which was the Lord Chancellor. The Statute recognized only the first use, and so land owners were again able to separate the legal and beneficial interests in their land. Under the Act, most equitable concepts were codified and made statutory rights, thereby ending the discretionary role of the courts to grant equitable reliefs.

Chancellors often had theological and clerical training and were well versed in Roman law and canon law. These equitable doctrines and procedures are distinguished from "legal" ones.

Equity Definition:

Nonetheless, in the event of situations not covered under the Act, the courts in India continue to exercise their inherent powers in terms of Section of the Code of Civil Procedure,which applies to all civil courts in India. This refers to the future actions that may arise after an inquiry at the courts.

That it shall not interpose in any case which does not come within a general description and admit of redress by a general and practicable rule. Powerful litigants could, by bribery or intimidation of juries, render their proceedings abortive.

What is Equity Law

A serious movement for merger of law and equity began in the states in the midth century, when David Dudley Field II convinced New York State to adopt what became known as the Field Code of If a plaintiff requests damages in the form of money or certain other forms of relief, such as the return of a specific item of property, the remedy is considered legal, and a jury is available as the fact-finder.

The beginning of the equity law can be traced to England, where it was administered by the high court of chancery. Ct27 L.The legal definition of Equity is A branch of English law which developed hundreds of years ago when litigants would go to the King and complain of harsh or inflexible rules of common law which prevented "justice" from prevailing.

Equity's primacy in England was later enshrined in the Judicature Acts of the s, which also served to fuse the courts of equity and the common law (although emphatically not the systems themselves) into one unified court system.

Legal definition for EQUITY: In the early history of the law, the sense affixed to this word was exceedingly vague and uncertain. This was owing, in part, to the fact, that the chancellors of those days.

The law of equity began in the court of chancery which was set up because a fair and just remedy could not be given through common law as monetary compensation was. As it pertains to a person, equity is defined as the quality of being fair and impartial, or equitable. However, in the world of finance and accounting, the term equity generally refers to the value of a group of assets after deducting the value of liabilities, or the value of an ownership interest in a business, such as shares of stock held.

Equity. In its broadest sense, equity is fairness. As a legal system, it is a body of law that addresses concerns that fall outside the jurisdiction of Common Law. Equity is also.

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A definition of equity within the law
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