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What IS Equity & Trust Law?
Equity is the feeling of justice and fairness. Equity is the correction of law where it is wrong or we can say equity does the correction of common laws. Equity-based on conscience i.e when you think what is right and what is wrong for example a powerful man hits a weak man for nothing and then you feel empathy weak man for the injustice with him and you know from the core that the strong person is wrong and you want to justice with the weak man that is the feeling of justice and it depends on the principle of natural justice. This law was created by the court of chancery. The purpose of equity law is to relieve the unjust impact on people because of strict and rigid rules of common law. this law assures justice over wrong decisions.
In England by the middle of the 13th-century common law was administrated, some of its parts were customary and some of its parts were statutory law. Customary law was totally unwritten and very flexible and was widely accepted by the people who practice it.
Statutory law was written which was very narrow and doesn't offer any flexibility and remedy to the common people that’s why the majority of the people were tensed of inadequate remedy so there was no law for natural justice than in that situation, people start to file the petition to the king, and the custom developed of referring these petitions to the chancellor who was the chief of king's secretaries and chancellor had the right to make rules and people used to follow those rules their chancellor started judicial function and after some court of Chancery established beside the court of common law.
The Court of Chancery acted on the basis of conscience so the law was called equity of law till 1873 common law court and the law of chancery both were separate laws but in 1873 both the courts were amalgamated by the act of judicature in that law decision made according to both courts. they added positive rules in that law justice to the people.
Maxim: Maxim is a statement that contains general wisdom about life or we can say it is the fundamental principle of a general truth that is very important for legal purposes.
The 12 equitable Maxims:
Equity will not suffer a wrong without a remedy
Equity follows law
Where there is equal equity, the law shall prevail
Where the equities are equal, the first in time shall prevail
Where the equities are equal, the first in time shall prevail
He who seeks equity must do equity
He who comes into equity must come with the clean hands
Delay defeats equities
Equity is equity
Equity looks to the intent rather than the form
Equity looks on that as done which ought to be done
Equity imputes an intention to fulfill an obligation
Equity acts in personal
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