Court Of Equity Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Court Of Equity, written in plain English, along with examples of how it is used.
What is Court Of Equity?
It is a court of chancery where the chancellor presides over the court hearing the lawsuits and trials. The decisions were based on the fairness and conscience. Thats was in fourteenth century and it is still in progress in some old English towns.
History and Meaning of Court Of Equity
The Court of Equity, also known as the Court of Chancery, originated in England during the fourteenth century. It was created as a complement to the common law courts, which focused more on the strict application of rules and statutes. The Court of Equity, on the other hand, was based on principles of fairness and justice, with the Chancellor acting as the presiding officer.
The Court of Equity became known for its ability to provide remedies in situations where the common law courts were unable to do so. For example, if a plaintiff had a valid legal claim but no legal remedy existed, the Court of Equity could step in to provide relief. The court was also known for its use of equitable doctrines such as trusts, injunctions, and specific performance.
Today, the Court of Equity is still in use in some old English towns, although its jurisdiction has been largely absorbed by other courts.
Examples of Court Of Equity
In a dispute between two neighbors over a property line, the common law court may only be able to award damages for any harm caused. However, the Court of Equity may be able to issue an injunction to prevent any further harm and require the parties to settle the dispute amicably.
In a divorce case, the common law court may divide the marital property according to the state law. However, the Court of Equity may be able to take into account other factors such as contribution to the marriage or the needs of the parties involved.
A group of shareholders may file a lawsuit against a corporation for breach of fiduciary duty by the board of directors. The common law court may award monetary damages, but the Court of Equity may also be able to issue injunctions to prevent any further harm, such as the sale of a company's assets.
Legal Terms Similar to Court Of Equity
Common Law - a legal system based on previous court decisions and statutes.
Equity - the principles of fairness and justice that underlie the Court of Equity.
Trusts - legal arrangements whereby a person or entity (the trustee) holds property for the benefit of another (the beneficiary).
Specific Performance - a court order requiring a party to fulfill a contractual obligation.
Injunction - a court order requiring a party to refrain from certain actions or to take certain actions.