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Equity - Coggle Diagram
Equity
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The common law system is governed by rules of precedent. This means that the decisions of judges higher up in the hierarchy of courts and tribunals are 'binding' on those lower down.
'Stare decisis'
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In essence, once a principle of law has been laid down, future cases with the same material facts must be decided in the same way. This is in contrast to civil legal systems, where courts concentrate on interpreting detailed written codes of the law rather than interpreting previous decisions applying those codes. Previous decisions, or precedents in civil systems are simply examples of the application of codes.
For an English court to be compelled to follow what has been stated in an earlier case, it is necessary for it to be persuaded that:
• The earlier case was decided in a court which binds it, and
• The relevant part of the earlier case is binding, rather than merely 'persuasive'.
The equitable remedies, briefly explained on the following pages, are:
- Specific performance - order by the court to compel a party to perform something they have promised to do under a contractual agreement - available for breach of contract at discretion
Available only where - There is a valid and enforceable contract.
- Damages would not be an adequate remedy for the claimant.
- Injunction - An injunction may be awarded only where damages would not adequately compensate the claimant.
- To do something (a mandatory injunction);To refrain from doing something (a prohibitory injunction).
- Declaration - Courts can make a binding declaration whether or not any other remedy is claimed. However, a claim for a declaration alone is unusual. Generally, a declaration is sought in addition to other types of relief.
legally binding statement by a court about any of the following:
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- Rescission - Rescission is the setting aside of a contract. It is available at common law and in equity. Rescission is only available where the parties can be put back to their pre-contractual position, i.e., as if the contract had never been entered into.
Misrepresentation – where a party has been induced to enter a contract by a false representation of fact.
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- Rectification - corrects a document to reflect the parties' contractual intention. Its main purpose is to correct mistakes made in recording agreements. Rectification only applies in the case of written contracts.
Rectification may be used to correct most types of mistake in the way a transaction is recorded, for example missing words, incorrect descriptions or numbers.
However, if the errors in the written contract are too fundamental or extensive, rectification is not available.