Equity and Trust Law Essay Example | Topics and Well Written Essays - 2250 words

Equity and Trust Law - Essay ExampleTrust constabulary however applies to every situation in which a person places self-assurance or confidence in another person to manage daily affairs and activities. Equity governs the trust law in such a moxie and applies to a wide range of situations and cases such as family relationships, charities, pensioners etc. The courts deal with the formalities of property law and secret trusts, although trust law applies to all such situations, and understanding of trust law applies to express trusts, fixed trusts, discretionary trusts, resulting trusts, constructive trusts, charitable trusts, proprietary and personal solutions.Equity relates to the part of the legal system that follows indoors the English Common law context and resolves all disputes on the basis of principles of conscience, fairness and justice. Equity law comes into play when none of the parties could be blamed right off for any misdeed or breaking of law but their rights are in opposition. Equity could be contrasted with law which is a set of principles although the difference law and blondness could be specified in the solutions. Financial damages are sought through court law although loveliness can relate to injunctions or decrees and can specify actions to be followed. For example a person who has lost an asset to a neighbour may not want the monetary look on of the asset but the asset itself. Courts may also specify writs which are however more(prenominal) rigid than an injunction. However apart from solutions offered and the nature of damages claimed in terms of finances or actions, there are other distinctions such as the jury may not be available in equity and equitable remedies may not be subject to intervention of the jury. Within the common law systems, the distinction between legal and equitable titles may be an important one. A case depends on the decision of the jury depending on the type of remedy expected as for financial damages claim o r claim of lost property, the remedy is considered legal and the jury is able to decide on the case. For declaratory judgements, injunctions and specific performances contract changes and modifications, and other non financial damage claims, equity claims are made1. The important distinction between law and equity relates to the source of rules that determine the decision making processes and legal decisions are made by address to legal statutes and doctrines whereas equity is based on appeals to judgement involving conscience fairness and flexibility. In fact equity has not been guided by fixed rules deal laws and faced many criticisms although equity has become more rigid to suit into the framework of English Common law. The difference between law and equity is more historical than legal as law would refer to the principles followed in courts of law with re sternions to the types of claims that can be brought to court. Equity is also a body of rules although rules of equity res train not been fixed and tend to vary. In fact equity is based more on the sense of fairness and justice rather than a strict set of principle or statutes. Equity is thus referred to a system of rules