Nature Of Equity Essay

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Legal rules allow the holders of legal right and powers to exercise them in the confidence that they are entitled to do so. The function of equity is to restrain or restrict the exercise of legal rights and powers in particular cases, whenever it would be unconscionable for them to be exercised to the full.
G Watt, Trusts and Equity, (Oxford 2003) at 13
Critically examine this statement by reference to the nature and application of modern equity.

Throughout this essay the application and the nature of modern equity will be explored. It will have a good insight in relation of nature of equity of; equitable remedies, constructive trusts, it will also explore promissory e-stopple, and it will also discover negative opinions/arguments in relation
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Even though they were within one court system, both establishments were dealing with cases in their own individual ways. In the case of Patel v Ali , it was evident that equity exercises discretion, nonetheless this can be questionable. The differentiation between common law and equity is shown clearly in this case within the remedy that was offered, as mentioned before equitable remedy is discretionary whereas common law does not. The common law remedy proposed to Patel was to pay damages; due to the dilemma she was in had created unfairness, so using equitable remedies (specific performance) would have failed.
“A trust is an equitable obligation binding a person (trustee) to deal with property over which he has control for the benefit of persons (beneficiary)…” . The trust concept is seen as one the main applications of modern equity. There are a number of trusts that came about to fill the gap in the common law which had led to an unconscionable manner which had resulted to unjust judgments; these trusts are implied, resulting, expressed and constructive
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