What is the difference between equity and common law?

What is the difference between equity and common law?

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 common law vs equity?

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.

What is the fusion fallacy?

Procedural fusion, fusion fallacy Those who commit the fusion fallacy announce or assume the creation by the Judicature. system of a new body of law containing elements of law and equity but in character. quite different from its components. The fallacy is committed explicitly, covertly, and.

What are the two types of remedies?

There are two general categories of remedies—legal and equitable. In the category of legal remedies are damagesMoney paid by one party to another to satisfy a liability.. Damages are money paid by one party to another; there are several types of damages.

What is an example of equitable relief?

Equitable relief is usually a remedy for a breach of contract or in cases of intellectual property theft. A common form of equitable relief is the canceling of a contract, which ends all terms and obligations, allowing both parties to return to their pre-contract status.

What is a decree of specific performance?

Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. Later, the court of equity developed the remedy of specific performance instead, should damages prove inadequate.