It is very important to understand the rules surrounding it in order to preserve goodwill among participants and in the event that misunderstanding arises, it is of utmost importance that people involve can retrace back where…
Download file to see previous pages...
Equity law is supplemental to the Common law and could not stand alone according to The Origins of Equity (Maitland, F. W. 19080); however many rules and doctrines are based upon equity law like the rich law of estates, trusts, and mortgages. Equity law stands upon the judicial assessment of what is fair and just contrary to that of the strict and harsh ruling of the common law. One good example of this is the unjust enrichment which the common law does not recognize but it’s the legal relief developed by the equity courts (Duhaime L 2010).
Duhaime Lloyd in Mistake, Rectification & Misrepresentation explains that when something went wrong with the agreement or the contract due to the misapprehension of one party in the contract, the contract is liable to equity. The one party who is not the one who made the mistake can ask for the contract to be set aside. If both of the parties made mistake in the basic element of their agreement the contract can be considered null and void. “Non Est Factum” is the Latin term being used that means “not this deed”, this is a defense used when one party does not want to respect the contract because of the misapprehension or mistake made in the contract. The very basic element of a contract is the meeting of the minds of both parties. The example of this is when Bob signed a contract with the understanding that Alan is buying his copy of the original Picasso painting yet Alan thought to be buying the original Picasso painting; there is a fundamental mistake here that warrants the contract to be considered null and void. “When both parties are mistaken on a basic and fundamental element of the contract: the contract is void from the start if the mistake is of such significance that, in the words of English case law, it is a "false and fundamental assumption" of the contract (R. v. Ontario Flue-cured Tobacco Growers, 1965).
What is Trust when pertaining to legal matters? Trust is the
...Download file to see next pagesRead More
Analysis The Matrimonial Proceedings and Property Act 19701 declares that if a spouse contributes a substantial amount of money or money’s worth to the improvement of real or personal property, then that person acquires a share or an enlarged share in the said property.2 In our problem, Brad has made a contribution of ?
Leo, Sharon, Ben and Sonya bought a house on equal shares and it needed repairs. 2. Sharon and Sonya repaired the roof while Leo cleaned the gutters and in the procedure he cut his fingers. 3. From the wound, Leo developed a dangerous disease, which resulted to fever and he was sure that he was going to die.
The case is drawn on the premise that Glencore International A.G. and its associates sued MTII to claim their title to oil, which had remained in MTII’s storage facility long after its collapse. This legal case is important for this task because it reveals the applications of the Common Law and other interrelated laws that are necessary in the maintenance of equality in the transfers of the oil title which Glencore International A.G.
I therefore expected that studying law would merely be a method for me to learn the extent and limits of those rights and the penalties/consequences for breaching those rights. However, as the course progressed I have gained a different impression and understanding of what the law is and the rational for law.
The license gives permission to the licensee as an element of mutual agreement between the two parties. It includes the permission and the record or document showing the permit. The licensor authorizes the licensee to use the licensed material. Some authorities may issue out license to allow an activity that would otherwise not be allowed.
This means that the creditor who has put his confidence on the capacity of the debtor to perform his obligation has certain rights that should be respected, and as to the debtor; it is expected of him to perform what he has
To begin with, we shall look at the legal and equitable interests that are currently being held by both Charles and Deborah in the property, Greengables.
Initially, the fact that the freehold property, Sunrise Lodge, was passed to Barbara’s