Got a tricky question? Receive an answer from students like you! Try us!

Business Law - Equity - Essay Example

Only on StudentShare
College
Author : branson58
Essay
Miscellaneous
Pages 4 (1004 words)

Summary

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…

Extract of sample
Business Law - Equity

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. ...
Download paper
Not exactly what you need?

Related Essays

English Law Equity and Trust Coursework
Generally the beneficiary gets interest and dividends on the trust assets for a set number of years.…
10 pages (2510 words)
Victorian Equity Law
This position arises in case of relationships between solicitor and client, parent and child, wife and husband which is known as fiduciary relationship, where trust and confidence exists. In this case, undue influence is presumed by law unless until it is proved contrary2.…
9 pages (2259 words)
Law: Australia : Equity & Trusts - see question below
This was what exactly what prompted the law of equity. It provided that the trustee and the person entrusting his property are both deriving benefit from the property. A situation where X gives his house to Y on rent, in natural law, for the period of the rent, the house belongs to Y and he may do to it as he pleases. But in equity, X has given the house to Y who becomes the trustee on that property and thus has the responsibility of maintaining the property on behalf of X. he also has the responsibility of paying his rent to X as at when due.…
14 pages (3514 words)
Business Law
One may be the exchange of currency that is foreign exchange system, which allows the raise in amount by buying a low rate currency, and selling at time it raises its value. Bonds may also help to get spare amount as they works as lottery tickets that never go waste if not won. But paramount to earn equity in market is investing amount by buying shares of other emergent companies and selling them at the profit. There are now a day many sock reporting tools that helps the businessman to know about the stock history, and other fundamental data at the end of the day. By technical and fundamental…
6 pages (1506 words)
English Law Equity and Trust Coursework
tion behind the creation of trust is that the devisee or grantee shall convey it, or dispose of the profits, at the will, or for the benefit, of another; an estate held for the use of another; a confidence respecting property reposed in one person, who is termed the trustee, for the benefit of another, who is called the cestui que trust. Generally the beneficiary gets interest and dividends on the trust assets for a set number of years.…
10 pages (2510 words)
Business Law
is not improper to consider European Communities Law before Legislation and Common laws as sources of English Law because, European Union has progressively passed the right to create laws which have effects in the UK since it joined European Union,. Kelley and Holmes (1997) considered Legislation as the second source of Law because Parliament within UK is sovereign and can create or alter the law whenever it determines to do so.…
4 pages (1004 words)
LAW OF EQUITY & TRUSTS
The legal and equitable estates had not been divided prior to the making of the security agreement.” 2 This qualifies the applicability of the requirement established in the law.…
14 pages (3514 words)