Explain the doctrine of equity with reference to contracts
What will be an ideal response?
Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law. Equity is resorted to when 1. an award of money damages "at law" would not be the proper remedy or 2. fairness requires the application of equitable principles. Today, in most states of the United States, the courts of law and equity have been merged into one court. In an action "in equity," the judge decides the equitable issue; there is no right to a jury trial in an equitable action. The doctrine of equity is sometimes applied in contract cases.
You might also like to view...
According to the acquired needs theory, the desire to influence others is part of the need for
A. power. B. affiliation. C. self-actualization. D. relatedness. E. achievement.
Coefficient alpha assists in determining whether the averaging process used in calculating coefficient beta is masking any inconsistent items
Indicate whether the statement is true or false
When employees receive a salary increase by means of the percentage- of-salary increase method, the salary differential between the lower- and higher-paid individuals soon diminishes
Indicate whether the statement is true or false.
In decision making under ________, there are several possible outcomes for each alternative, and the decision maker does not know the probabilities of the various outcomes
A) risk B) utility C) certainty D) probability E) uncertainty