Quick Answer: What Is Equity As A Source Of Law?

What is an example of equity law?

An example of this is if someone is infringing on a trademark of yours, you can get monetary damages for the loss, but your business could be ruined if they continue.

Equity is the additional solution that allows a court to tell another person to stop doing something via an injunction, among other things..

What is the source of common law?

Common law, also known as case law, is a body of unwritten laws based on legal precedents established by the courts. Common law draws from institutionalized opinions and interpretations from judicial authorities and public juries. Common laws sometimes prove the inspiration for new legislation to be enacted.

What is difference between common law and equity?

Common law and equitable right has two different function in that, common law establishes general rules which provide certainty, while, equitable rights acts as a check and balance of common law. This arises from the strict application of the common law.

What does equity mean in law?

equitable remediesIn law, the term “equity” refers to a particular set of remedies and associated procedures involved with civil law. These equitable doctrines and procedures are distinguished from “legal” ones. … A court will typically award equitable remedies when a legal remedy is insufficient or inadequate.

What is the purpose of equity law?

Equity essentially does not contradict the common law, but rather it aims at securing substantial justice when the rule of common law might see injustice.

What are 4 sources of law?

The four primary sources are constitutions, statutes, cases, and regulations. These laws and rules are issued by official bodies from the three branches of government.

What is the relationship between common law and equity?

Equity follows the law Equity never overrules or invalidates the common law and always, where possible, attempts to follow it. If the common law is defective, equity may provide an alternative Page 3 cause of action but it cannot actually overrule or invalidate a legal principle.

What is the difference between law and equity?

In the court of law cases, the facts are what they are, and you win or lose; in equity cases, the court will fashion almost any remedy it seems fit so that both parties win or both parties lose.

What are the two main sources of law?

The sources of law are ranked as follows: first, constitutional; second, statutory; and third, case law. Although it is technically ranked the lowest, judicial review makes case law an extremely powerful source of law. The purpose of the US and state constitutions is to regulate government action.

What is meant by a source of law?

Sources of law are the origins of laws, the binding rules that enable any state to govern its territory. The term “source of law” may sometimes refer to the sovereign or to the seat of power from which the law derives its validity.

What are the five main sources of the law?

In the United States, the law is derived from five sources: constitutional law, statutory law, treaties, administrative regulations, and the common law (which includes case law).

What is the principle of equity?

Equity proceeds in the principle that a right or liability should as far as possible be equalized among all interested. In other words, two parties have equal right in any property, so it is distributed equally as per the concerned law.

Which is the most important source of law?

Of the three sources of law, constitutional law is considered the highest and should not be supplanted by either of the other two sources of law. Pursuant to principles of federal supremacy, the federal or US Constitution is the most preeminent source of law, and state constitutions cannot supersede it.

What are the two main general sources of law?

Primary sources of law include judge-made law (also called common law) and statutory law (this includes the Constitution, statutes, ordinances, and administrative regulations). There are other sources for what constitutes appropriate conduct, such as religion and ethics; these are beyond the scope of this chapter.

What are the 7 sources of law?

Terms in this set (7)Constitution. …Legislation. …Executive Decrees. …Judicial Law. …Administrative Law. …Treaties/ Interstate agreements. …Local Law. …