Equity Definition Law Uk

This remedy is discretionary and only used when an individual cannot be compensated by money. An additional definition which was found from a political dictionary is that equity is a sub system of english and related legal systems derived partly from principles of natural justice and partly from the peculiar historical circumstances which had led to the adoption of those and related principles by the court of chancery in england. Law can be traced to england where it began as a response to the rigid procedures of england s law courts.

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Equity

Equity Definition

What Is Equity The Student Lawyer

Chapter 1 English Legal System

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Is a form of injunction where a court orders an individual to complete a specific task which is generally part of a contract.

Equity definition law uk. The use of the word equity in other law systems is outside the topic of by this article. If they do not complete the contract they will be held in contempt of court. 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. The law of england and wales could be described as a body of rules some of which are defined by legislation others that have evolved through centuries of judgments being delivered in the courts.

The latter is known as the common law of the country and is based on the legal precedents or rules. 1 the quality of being fair and impartial. Equity is also used to describe the money value of property in excess of claims liens or mortgages on the property. In its broadest sense equity is fairness.

It was based on principles of equity people centredness quality and accountability. Let it just be mentioned that under napoleonic law the civil judge judging en droit et en équité must say the law even if there is no appropriate or conclusive written law applying to the case. As a legal system it is a body of law that addresses concerns that fall outside the jurisdiction of common law. 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.

He sold his equity in the company last year. 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. Equity noun value c or u finance economics specialized the value of a company divided into many equal parts owned by the shareholders or one of the equal parts into which the value of a company is divided.