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Hi, I am looking for someone to write an article on the rise of equity Paper must be at least 1500 words. Please, no plagiarized work!
Hi, I am looking for someone to write an article on the rise of equity Paper must be at least 1500 words. Please, no plagiarized work! Estoppel is one of the crowning achievements of equity in the common law system.
The doctrine of equity began around 500 years ago in Britain. This country was also the birthplace of the common law, which is also known as judge-made law which features a reliance on precedence and laws set down by earlier courts. The doctrine of equity came to special prominence during the crusades when “uses” or trusts were developed (Cockburn 32). Previous to this, the common law did not permit someone to hold your property in their name. You would have no recourse should they simply claim that the property was theirs. These trusts allowed this to occur. Fearful of losing revenue, the King proclaimed the Statute of Uses to try to outlaw the process, but people still found loopholes. This is an important part of the doctrine of equity: it fills in the gaps of the common law. Following this, there were courts of both equity and law. Some of the important maxims of equity are, for example, that you must come to equity with clean hands. This means that equity cannot be used as a sword to injure people and will not be permitted in situations where someone has behaved crookedly. This principle exists in many legal cultures. In Germany, for example, it said that a transaction that is in opposition to good morals is void (Glendon 142).
One of the equities key doctrines is promissory estoppel. How this has evolved over the years provides an excellent overview not only of equity development but how it differs from the common law. Over the years judges have expanded equity's role in business and contract law and it now plays a significant role in righting injustices in this section of the law.
The common law tells us that in order for a contract to be made between two parties, consideration must be present. The terms of the contract cannot be altered without fresh consideration.
