Equity can be broadly described as being just or fair, whereas the legal meaning of the term equity refers to the rules determined to mitigate the severity of the common law rules and those issues that are not be covered under the common law jurisdiction. Equity defines a set of legal principles, in all the jurisdictions that follow the english common law tradition, that supplements strict rules of law where their application would operate harshly, and this is done to achieve natural justice (anon historical outlines of equity. One of the major differences between common law and equitable rights lies in the deficiencies of the common law remedy when equity originally developed as a gloss on the common law according to pettit, [ 3 ] it developed new remedies and recognized new rights where the common law fails to act. In jurisdictions following the english common law system, equity is the body of law which was developed in the english court of chancery and which is now administered concurrently with the common law.
Roles of equity in a legal system 4 equity and the common law in the narrowand where the historical labels of common law and and third, where common law and equity do not co-exist coherently and a some of the differences between common law and equity are profound, and bridging them requires not. English common law was established in the legal courts, which were presided over by judges who served as the source and upholders of the law equity, on the other hand, came from the courts of chancery, which were presided over by the chancellor to the presiding monarch. Equity allows courts to apply justice based on natural law and on their discretion whenever there is a disagreement as to the application of common law, equity is applied. In another, narrower, sense, common law is contrasted to the rules applied in english and american courts of equity and also to statute law a standing expository difficulty is that, whereas the united kingdom is a unitary state in international law , it comprises three major (and other minor) legal systems, those of england and wales. 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 lawequity is also used to describe the money value of property in excess of claims, liens, or mortgages on the property.
The law of new zealand consists of the common law, certain statutes of the united kingdom parliament, statutes of the new zealand parliament, and regulations, bylaws, and other forms of subordinate legislation made under statutory authority. Emergence of equity the courts of chancery introduced the law of equity in order to fill in the gaps of law that common law failed to address in addition, equity sought to avail a kind of flexibility in the law because the common law presented a rigid system where writs governed the system of judgment. 1185 common law and equity in r3rue lionel smith∗ abstract one of the most remarked-upon achievements of the first restatement of the law of restitution was the consolidation into a single treatment of all.
What is equity equity is often referred to as the second branch of english law which originated after the introduction of common law in medieval england, parties aggrieved by a decision of the court would petition the king to do justice regarding the harsh judgment. The system of law originating in england, as distinct from the civil or roman law and the canon or ecclesiastical law the unwritten law, especially of england, based on custom or court decision, as distinct from statute law the law administered through the system of courts established for the.
The legal definition of equity is a branch of english law which developed hundreds of years ago when litigants would go to the king and complain of harsh or inflexible rules of common law which prevented justice from prevailing. In common law systems the outcome is often same or similar to the outcome provided in previous cases, while in equity the outcome can change depending on the circumstances of the situation another major distinction between the two is the type of courts and the judges available. Equity, in anglo-american law, the custom of courts outside the common law or coded law equity provided remedies in situations in which precedent or statutory law might not apply or be equitable read more on this topic. Law and equity essay (a) outline the development of common law and equity there was no system of law in england and wales before 1066, as it was mainly based on customs which were just rules of behaviour and the other used to be the decisions of judges.