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Legal equity: The Court of Chancery, in early 19th-century London.. In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, [1] with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. [2]
Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
United States bankruptcy courts serve as an example of a US federal court that operates as a court of equity. A few common law jurisdictions, such as the U.S. states of Delaware, Mississippi, New Jersey, South Carolina, and Tennessee, continue to preserve the distinctions between law and equity as well as between courts of law and courts of equity.
Specific performance requires a party to perform a contract, for example by transferring a piece of land to the claimant. The award of specific performance requires that the two following criteria must be satisfied: [9] (i) Common law damages must be an inadequate remedy. For instance, when damages for a breach of contract found in favour of a ...
The Chancery came to prominence after the decline of the Exchequer, dealing with the law of equity, something more fluid and adaptable than the common law.The early Court of Chancery dealt with verbal contracts, matters of land law and matters of trusts, and had a very liberal view when setting aside complaints; poverty, for example, was an acceptable reason to cancel a contract or obligation. [9]
Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)". [2] It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and statute law (together ...
U.S. companies that scale back workplace diversity efforts to avoid scrutiny from the Trump administration may be exposing themselves to more discrimination lawsuits by workers, experts said.
The law of trusts was constructed as a part of "Equity", a body of principles that arose in the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property , in the situation where one person held legal title to property but the courts decided it was fair just or "equitable ...