Equity and Common Law Flashcards

Flashcards on Equity and Common Law

Equity

A body of rules developed alongside common law by the Court of Chancery, with distinct concepts, doctrines, principles, and remedies.

Common Law

A term used to refer to case law, a major branch of judge-made law (contrasting with equity), or to describe a type of legal system.

The Court of Chancery

A court that developed from the Lord Chancellor's jurisdiction to address the inflexibility and inadequacy of common law remedies.

Good Conscience in Equity

The Lord Chancellor determined cases based on good conscience rather than the strict letter of the law, leading to the rules of equity.

New Causes of Action by Equity

Causes of action created by equity include breach of confidence, undue influence, and unconscionable bargain.

New Remedies by Equity

New remedies created by equity include specific performance and injunction.

Equity and Contract Enforcement

Equity can enforce contracts not enforceable at common law, such as those not recorded in writing but partly performed.

Maxim of Equity: Conscience

Equity acts on the conscience.

Maxim of Equity: Remedy

Equity will not suffer a wrong without a remedy.

Maxim of Equity: Intent vs Form

Equity looks at the intent, not at the form.

Maxim of Equity: Clean Hands

He who comes to equity must come with clean hands.

Maxim of Equity: As Done

Equity looks on that as done which ought to be done.

Maxim of Equity: Delay

Delay defeats equity.