Quick Answer: What Are Principles Of Equity?

What are the key features of equity law?

Equity (law)The law relating to express, resulting, and constructive trusts;Fiduciary law;Equitable estoppel (including promissory and proprietary estoppel);Relief against penalties and relief against forfeiture;The doctrines of contribution, subrogation and marshalling; and.Equitable set-off..

What are the 20 maxims of equity?

List of Maxims Equity sees that as done what ought to be done. Equity will not suffer a wrong to be without a remedy. Equity delights in equality. One who seeks equity must do equity. Equity aids the vigilant, not those who slumber on their rights. Equity imputes an intent to fulfill an obligation.More items…

What is an example of equity law?

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. Equity is the additional solution that allows a court to tell another person to stop doing something via an injunction, among other things.

What is the nature of equity?

The nature and scope of equity says that equity must preliminary mean right doing, or justice in the purely ethical meaning of that word. In England equity has acquired an entirely specialized meaning. It includes technically only certain rules which were developed in the court of chancery.

What is role of law of equity in our society?

The role of equity was to uphold standards of conduct in any interaction, even those bound by contractual obligations, to step in and prevent any gain being made out of any pos- ition of trust and reliance. But these remedies were only available to litigants who had acted in good faith.

What are rules of equity?

The law of equity is as important in Canadian law as statute law and common law. It operates to provide equitable relief when there is a recognizable right but no remedy under the common law. The law of equity has developed over centuries to provide equitable doctrines and equitable maxims.

What is the main purpose of equity?

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 are the five maxims of equity?

The Foundations Of Equity, “he Who Seeks Equity Must Do Equity.”, “he Who Comes Into Equity Must Come With Clean Hands.””Equity follows the law.”, “Equity acts specifically.”, “Equity regards substance rather than form.”

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 difference between a court of law and a court of equity?

Traditionally, English courts followed a distinction between courts of law and courts of equity. A court of equity is a type of court that hears cases involving remedies other than monetary damages, such as injunctions, writs, or specific performance and a court of law, only hears cases involving monetary damages.

What is the concept of equity?

LAST UPDATED: 04.21.16. In education, the term equity refers to the principle of fairness. While it is often used interchangeably with the related principle of equality, equity encompasses a wide variety of educational models, programs, and strategies that may be considered fair, but not necessarily equal.