Equity and Trusts Flashcards
1
Q
What is equity?
A
flexible,discretionary body of law, based on fairness, justice and morality.
2
Q
What is common law?
A
rule based and formalistic body of law.
had 3 meanings: case-based system, judge made law, body of law.
3
Q
What was common law and equity fused?
A
Supreme Court of Judicature Acts 1873 and 1875.
4
Q
how does equity play a role in property law today?
A
Common law and equity recognise different types of ownership and interests in property.
The claims and remedies are different in common law and equity.
common law acts in rem (in respect of interference to rights in respect of things) whereas equity acts in personam (against the conscience of the defendant)
