Equity (law) | Wikipedia audio article
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Date: 2018-11-30

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Equity (law)

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SUMMARY
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In jurisdictions following the English common law system, equity is the body of law which was developed in the English Court of Chancery and which is now administered concurrently with the common law.For much of its history, the English common law was principally developed and administered in the central royal courts: the Court of King's Bench, the Court of Common Pleas, and the Exchequer. Equity was the name given to the law which was administered in the Court of Chancery. The Judicature Reforms in the 1870s effected a procedural fusion of the two bodies of law, ending their institutional separation. The reforms did not effect any substantive fusion, however. Judicial or academic reasoning which assumes the contrary has been described as a "fusion fallacy".Jurisdictions which have inherited the common law system differ in their current treatment of equity. Over the course of the twentieth century some common law systems began to place less emphasis on the historical or institutional origin of substantive legal rules. In England, Australia, New Zealand, and Canada, equity remains a distinct body of law. Modern equity includes, among other things:
The law relating to express, resulting, and constructive trusts;
Fiduciary law;
Equitable estoppel (including promissory and proprietary estoppel);
Relief against penalties and relief against forfeiture;
The doctrines of contribution, subrogation and marshalling; and
Equitable set-off.The latter part of the twentieth century saw increased debate over the utility of treating equity as a separate body of law. These debates were labelled the "fusion wars". A particular flashpoint in this debate centred on the concept of unjust enrichment and whether areas of law traditionally regarded as equitable could be rationalised as part of a single body of law known as the law of unjust enrichment.