Business Law - Equity

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Equity law was created during England in the 13th century when the people tried to obtain justice from the courts but couldn't due to too much power was given to the court judges. If a person wanted to remove another person who had wrongfully entered the land, then a petition to the court was given and the judges decided upon dispossession or monetary payment of 'writ' to the entry process…

Introduction

People's only choice was to petition to the King. Later on the system was changed and then the people's petitions were sent to the Lord Chancellor to deal with. [1] [5]
Soon enough the law of equity and the common law started to conflict. The fictional case of Jarndyce and Jarndyce in Bleak House written by Charles Dickens is one classic example of such a case. Litigants would go 'jurisdiction shopping' and often would seek an equitable injunction prohibiting the enforcement of a common law court order. The penalty for disobeying an equitable 'common injunction' and enforcing a common law judgment was imprisonment. [1] [5]
The resolution of the conflict came in the Earl of Oxford's case in 1615 where a judgment of Coke CJ was allegedly obtained by fraud. The Lord Chancellor had issued a common injunction out of the Chancery prohibiting the enforcement of the common law order locking the two courts in a stalemate. Attorney-General at that time, Sir Francis Bacon, upheld the use of the common injunction and concluded that in the event of any conflict between the common law and the equity, equity would prevail. Thus the people's petitions were started to be dealt justly. ...
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People's only choice was to petition to the King. Later on the system was changed and then the people's petitions were sent to the Lord Chancellor to deal with. [1] [5]…