Write 8 pages thesis on the topic the nature and development of equity and trusts.

Write 8 pages thesis on the topic the nature and development of equity and trusts. It is important to note here that the common law courts would not entertain writs where damages were not an adequate remedy. Moreover, the Common Law courts did not recognize trusts and as a result, did not enforce them. Third parties were also without remedy before the Common Law courts.

In 1474, the king’s Chancellor heard his first case and what followed was a rapid development of his caseload. The Chancellor was regarded by and large as a legal forum of conscience and a court of last resort. Semple Piggot Rochez notes that ‘To a large extent the law of equity still reflects the approach taken originally by the Chancery, in that, the whole emphasis is generally on fairness, justice and equality. Inevitably, the development of the law of equity through time has resulted in some changes to that approach but on the whole, the underlying ethos remains largely unaltered.’1

Over the years that followed, it became apparent that the court of Chancery had no fixed system for the creation and development of precedents and it was difficult for the Chancellor to make binding and consistent decisions.