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Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
Legal equity: The Court of Chancery, in early 19th-century London.. In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, [1] with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. [2]
Earl of Oxford's case (1615) 21 ER 485 is a foundational case for the common law world, that held equity (equitable principle) takes precedence over the common law.. The Lord Chancellor held: "The Cause why there is Chancery is, for that Mens Actions are so divers[e] and infinite, that it is impossible to make any general Law which may aptly meet with every particular Act, and not fail in some ...
The law of trusts was constructed as a part of "Equity", a body of principles that arose in the Courts of Chancery, which sought to correct the strictness of the common law. The trust was an addition to the law of property , in the situation where one person held legal title to property but the courts decided it was fair just or "equitable ...
The most important limitation relating to equitable remedies is that an equitable remedy will not lie against a bona fide purchaser for value without notice. Damages can also be awarded in "equity" as opposed to "at law", [ 13 ] and in some legal systems, by historical accident, interest on damages can be awarded on a compound basis only on ...
A court of equity, also known as an equity court or chancery court, is a court authorized to apply principles of equity rather than principles of law to cases brought before it. These courts originated from petitions to the Lord Chancellor of England and primarily heard claims for relief other than damages, such as specific performance and ...
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Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)". [2] It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and statute law (together ...