What is a chancery case?
According to Black’s Law Dictionary, a chancery cause is a case of equity where “Justice is administered according to fairness as contrasted with the strictly formulated rules of common law.” In layman’s terms, a chancery case was one that could not be readily decided by existing written laws.
What is the difference between circuit and chancery court?
In Chancery Court, you do not have the right to a jury trial and your claim will be reviewed by a judge. Criminal matters are also filed in Circuit Court because you do not have a right to a jury trial in Chancery Court.
What is the law of equity?
A legal definition from the Oxford dictionary describes equity as ‘a branch of law that developed alongside common law and is concerned with fairness and justice, formerly administered in special courts’.
What is difference between common law and equity?
Common law and equitable right has two different function in that, common law establishes general rules which provide certainty, while, equitable rights acts as a check and balance of common law. This arises from the strict application of the common law.
What is the difference between law and equity?
In the court of law cases, the facts are what they are, and you win or lose; in equity cases, the court will fashion almost any remedy it seems fit so that both parties win or both parties lose.
What is an example of equity law?
An example of this is if someone is infringing on a trademark of yours, you can get monetary damages for the loss, but your business could be ruined if they continue. Equity is the additional solution that allows a court to tell another person to stop doing something via an injunction, among other things.
What are the 3 equitable remedies?
There are three types of equitable remedies: specific performance, injunction, and restitution.
What is the difference between an equitable remedy and a legal remedy?
Legal remedies are ones that allow the party not in breach to recover money, whereas equitable remedies involve resolution through non-monetary solutions. Equitable remedies are actions rather than a financial award.
What is the law of equity and trusts?
A trust imposes a personal equitable obligation upon a person (trustee) to deal with property for the benefit of another person or class of persons (beneficiary) or for the advancement of certain purposes, private or charitable. …
Who owns property in a trust?
Ownership of trust property is split between a trustee and a beneficiary. Legal ownership of the trust property is vested with the trustee, whilst a beneficiary has equitable ownership of the trust property.
Who holds equitable title in a trust?
The beneficiaries under the trust have an equitable interest in the trust property. The precise nature of the interests and rights of the beneficiary under a trust is contested. Ben McFarlane states that there are three principal theses about the nature of equitable rights.
What are the five maxims of equity?
List of maximsEquity regards as done what ought to be done. Equity will not suffer a wrong to be without a remedy. Equity is a sort of equality. One who seeks equity must do equity. Equity aids the vigilant not the indolent. Equity imputes an intent to fulfill an obligation.
How many equitable maxims are there?
How many legal maxims are there?
Top 121 Legal Maxims for Law Exams (2020)
What maxim means?
A maxim is a succinct formulation of a principle, rule, or basic truth about life. Usually clever, maxims are like great sayings everybody knows. A maxim sums up a fundamental principle or truth about something in a way that captures the imagination and gets repeated.