What is meant by law of 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 used to describe the money value of property in excess of claims, liens, or mortgages on the property.

What is equity in law PDF?

Abstract. The equity is the one which suggests, in relation to the generality of norms, to take into account the facts, the personal circumstances, the uniqueness of the clause, without falling out into extremes. The just appreciation, from the judicial point of view, of each individual case is illustrated by equity.

Who is the father of equity law?

Heneage Finch, 1st earl of Nottingham, (born December 23, 1621, Kent, England—died December 18, 1682, London), lord chancellor of England (1675–82), called “the father of equity.”

Who is a volunteer in equity?

A volunteer is defined in equity as one who has not offered consideration for a benefit they have received or expect to receive.

What are equitable remedies in law?

Equitable remedies are actions that the court prescribes which will serve to resolve the breach or dispute. Equitable remedies are typically granted when legal remedies or monetary compensation cannot adequately resolve the wrongdoing.

What is an example of equity in law?

In a civil lawsuit the court will award monetary damages, however, equity was formed when monetary damages could not adequately deal with the loss. An example of this is if someone is infringing on a trademark of yours, you can get monetary damages for the loss, but your business could be ruined if they continue.

Why do we need equity in law?

Equity is understood by others as a better form of justice due to giving a specific judgement. Equity can be understood generally as justice and fairness. Arguably this can only be achieved if there is certainty within the law, as without the strict rules of law there would not be universal justice and fairness.

What is the difference between equity and law?

1. Law is the body of rules which are regulated by the government and enforced by the courts while equity is a set of rules which follows the natural law and fairness. 4.In a court of law, a case is heard by a jury and the judge while in equity only the judge settles a case.

Who is the Lord of Nottingham?

The title is currently held by Daniel Finch-Hatton, 17th Earl of Winchilsea and 12th Earl of Nottingham.

Is equity better than common law?

Therefore, equity provides a remedy where common law provides none or provides a more suitable remedy than common law. Equity has been important in supplementing many new remedies to the common law. Some of the most important are those of specific performance, injunction, rescission and rectification.

Who wrote the Maitland lectures on equity?

As the Downing Professor of the Laws of England, F. W. Maitland lectured on equity at Cambridge for 18 years, ending in 1906. The lectures were first published in 1909 under the editorship of A. H. Chaytor and W. J. Whittaker.

Does equity follow the law or does common law apply first?

Equity follows the law: Courts will firstly apply common law and if this is not fair then an equitable remedy will be provided. This maxim sets out that equity is not in place to overrule judgements in common law but rather to make sure that parties don’t suffer an injustice.

How did the rivalry between common law and equity end?

This rivalry was ended in The Earl of Oxfords case 1615. In which the king stated ‘Where common law and equity conflict equity should prevail’. The two courts are now unified and the same judges give decisions out common law and equity. The law relating to equity is largely built on precedent.

Does equity vary with the length of the Chancellor’s foot?

As equity was developing, it had no fixed rules of its own and each Chancellor gave judgement according to his own conscience. This led to criticism about the outcome of cases and John Selden, an eminent seventeenth century jurist, declared, “Equity varies with the length of the Chancellor’s foot”.