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Equity law is derived from the english common law. Equity law successfully works when the common law and statute law fail to bring about the right verdict concerning a dispute between the two. Equity law came after the stiff processes of England's legal courts. The disappointed accusers approached the King when they could not get the results, and then the King established the court of Chancery to settle the matters with the law of Equity. In the current era, the difference between law and equity is that each judicial remedy provided in civil law will award financial compensation, but equity is formed when compensations do not sufficiently deal with loss.
The Separation of Equity and Common Law in Judicial Decision-Making
Another difference is that a judge is the only decision-maker when it is to equity. The Judicature Act did not combine equity and common law. It still exists, and equity law rules are separate from common law rules. Equity that succeeds in common law is still in power. It was incorporated in the Judicature Act and today, it lies in the Supreme Court Act 1981. It rests upon some principles so that the outcome of the case may be just.
The Role of Equity in Trust Law and Asset Protection
Equity is a part of trust law. It is described as "the leading case of equity`s interference with common law rights in the case of justice.". It forces the trust of the legal owners to demand control to hold those goods for the benefit of others. Therefore, the chance quotation can be said to understand one of the important creeds of trust law in England and Wales. The trust law is concerned with the laws associated with asset protection, mainly when they are held by a single party for another's advantage. Trusts were the foundation of english property law and obligation, and they shared history with commonwealth countries. Trusts were created when the petitioners in the property disputes were not satisfied with common law. On behalf of the King, the Lord Chancellor created the justice system in the court of chancery, also referred to as equity.
Historical Development and Modern Application of Equity and Trust Law
Equity and trusts have developed historically, especially trusts created by settlers who gave assets to trustees who started using the assets for their benefit. Keeping in view the development, equity, and trust law dissertation seems hassled to do, and it needs guidance. If students do not get an idea to do a dissertation and need help, then LawEssayPros is there to assist them. We ensure that we offer low-priced services yet creative and quality-based equity and trust law dissertations.
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