Common Law and Equity

The Development of Common Law and Equity Common Law has been functioning in England since the 1250’s, two centuries after William the Conqueror defeated Earl Harold Godwinson in the Battle of Hastings in 1066 and became King. It was then in 1066 that Law began to be standardised. There were, however, problems with the Common Law system and people were becoming dissatisfied with the remedies distributed by the Court. As a result, the Court of Chancery was established and could provide whatever remedy best suited the case.This type of justice became known as equity. When William the Conqueror gained the English throne in 1066, he constituted the Curia Regis, an instrument he used to govern the country and a court for deciding disputes. Representatives from the Regis were sent out to the different localities of the country to check local administration and were ordered to make judgement of the effectiveness of the custom laws functioning in their designated locality and report ba ck to the King in Westminster.When the representatives were summoned back, they were able to discuss the various customs of each locality and were able to form, through rejecting unreasonable laws and accepting those that appeared to be rational, a consistent body of rules. During the process of sifting, the principle of ‘stare decisis’ was created, which translates to ‘let the decision stand’. Whenever a new problem of law was to be decided, the decision formed a rule and it was mandatory that the rule was followed in all similar cases. By 1250, a common law had been established, that ruled the whole country.However problems soon arose regarding the remedies distributed by the Common Law Court and people soon became dissatisfied with the system. One of the first complaints was concerned with the writ system. In the common law courts, civil actions had to be started by a writ. Early on, new writs were created to suit new circumstances, however this stopped in the thirteenth century. Litigants had to fit their circumstances to one of the available types of writ. If the case did not fall into the existing writ, the case could not be taken to court.Many people found their cases to be rejected for the reason that there was no writ to satisfy their case and so they were not given justice. A second complaint was related to the remedy of damages. What the court did not realise was that money was not always an adequate solution to every problem. A final problem that arose with the system was that it was inflexible. The principle of ‘stare decisis’ meant that when a decision was given in a case of a certain kind, the same legal principle had to be followed in subsequent cases, no matter what the situation of the claimant.As a result, people started to petition the king who was thought of as the ‘fountain of justice’. After a while, the king passed on these petitions to the Chancellor who was usually a member of the cl ergy and was thought of as ‘the keeper of the king’s conscience’. Before long, litigants began to petition the Chancellor himself and by 1474 the Chancellor had begun to make decisions on the cases on his own authority rather than as a substitute for the king. This was the beginning of the court of Chancery.In the court of Chancery, litigants appeared before the Chancellor and he would deliver a verdict on the presented case based on his own moral view of the situation. Unlike the Common Law court, the court of Chancery could provide whatever remedy best suited the case and this type of justice became known as equity. Before equitable rules could be applied, equity devised maxims, developed to certify that the verdicts made were morally fair, which had to be contemplated prior to a final court decision.One of these maxims, â€Å"He who comes to equity must come with clean hands†, states that claimants who have in some way been in the wrong in the past will not be granted an equitable remedy. An example illustrating this maxim would be the D+C Builders v Rees (1966) case, were the Rees was denied an equitable estoppel as they had taken unfair advantage of the builder’s financial difficulties and therefore had not â€Å"come with clean hands†. A second maxim, â€Å"He who seeks equity, must do equity†, articulates that anyone who seeks equitable relief must be prepared to act fairly towards their opponent.In the Chappel v Times Newspapers ltd (1975) case, newspaper employees applied for an injunction to prevent their employers from carrying out the threat of sacking them unless they stopped their strike action. The court said that in order for them to be awarded the remedy, the strikers should withdraw their strike action if the injunction was granted. The employees refused and so the injunction was not granted. Another maxim is â€Å"Delay defeats equity†. This maxim states that where a claimant takes an un reasonably long time to bring an action, equitable remedies will not be available.This is exemplified in the Leaf v International Galleries (1950) case where the claimant, Leaf, had bought a painting for a considerable amount of money however he found, five years later, that it was not the genuine constable he thought it was. When he claimed the equitable remedy of rescission, it was refused as the delay had been too long. In response to the complaints regarding the remedies offered by the common law courts, equity increased the number of remedies available to the wronged party.Instead of just being given then remedy of damages, claimants could now be granted an injunction, which is an order given to defendants to do or not do something, specific performance, which compels a part to fulfil a previous agreement, a rescission, which restores parties of a contract to the position they were in before the contract was signed and rectification, which is an order that alters the words of a document which does not express the true intentions of the parties to it.These remedies offered by the court of chancery are discretionary. A claimant who wins a common law court case is given the remedy of damages as of right, however the courts may choose whether or not to award an equitable remedy. Equitable remedies are therefore not given as of right. Due to the improvements made by equity regarding remedies, the court of chancery became very popular and caused some resentment amongst the common law courts.The lawyers of the common law courts argued that the quality of the decisions made in the court of chancery varied with the length of the chancellor’s foot, meaning that the outcome of each case depended on the qualities of the individual chancellor. The tension between the two courts grew to an all-time high in the Earl of Oxford’s case (1615), where a judgment of Chief Justice Coke was allegedly obtained by fraud. The Lord Chancellor issued a common injunctio n of the Chancery prohibiting the enforcement of the common law order.The two courts became locked in a stalemate, and the matter was eventually referred to the Attorney General. The Attorney General upheld the use of the common injunction and concluded that in the event of any conflict between the common law and equity, equity would prevail. Equity’s primacy in England was later enshrined in the Judicature Acts (1873-75), which provided that equity and common law could both be operated in the same court and there would no longer be different procedures for requesting remedies from equity and the common law.To conclude, it was William the Conqueror who came up with the initial idea of establishing a common law and after two centuries of sifting through the custom laws of the numerous localities of the country, a common law had been established that ruled the whole of the country. However problems in the common law system soon arose regarding the writ system, the inflexibility of the system, and the remedy of damages. The court of chancery was established and it is here that equity functioned.Equity brought in new equitable remedies such as injunctions, specific performance, rescissions, and rectifications however before these remedies could be granted, the case being presented had to conform to the equitable maxims which were developed to certify that the verdicts made were morally fair. The court of chancery became very popular and caused some resentment amongst the common law courts, whose lawyers argued that the quality of the decisions made in the court of chancery varied with the length of the Chancellors foot.As a result of the Earl of Oxford case, whenever there is conflict between the common law courts and equity, equity will prevail, which allows for the further development of equity today. The Judicature Acts of the 1870’s provided that equity and common law could both be operated in the same court and there would no longer be different procedures for requesting remedies from equity and the common law. In short terms, if it was not for common law and the faults found in its system, equity would cease to exist.

How Sophocles' Oedipus exemplifies Aristotle's definition of a tragic Research Paper

How Sophocles' Oedipus exemplifies Aristotle's definition of a tragic hero - Research Paper Example This research will begin with the statement that Sophocles’ Oedipus The King, is basically a tragedy about the life of its protagonist, Oedipus, son of Laius and Jocasta. The paper at hand focuses on exploring how Oedipus The King incorporates Aristotle’s Definition of a tragic hero, thus, ultimately making the play a tragedy. It also discusses and gives a brief overview of Aristotle’s philosophies regarding tragedy, tragic hero as well as drama. Furthermore, the paper overviews the origins of Oedipus The King and explains the various devices used in the play, such as the style, imagery, tone, recognition, reversal etc. Upon analyzing the drama, it becomes clear that Sophocles indeed exemplifies Aristotle’s definition of a tragic hero through the key elements of Oedipus’ hamartia (tragic flaw), peripeteia, anagnorisis, downfall, getting more than what is deserved etc and the plot epitomizes tragedy through imitation, arousal of pity and fear in the audience and finally the experience of catharsis. The ancient Greeks saw theatre not only as a means of entertainment but also as a way to celebrate their gods, thus they promoted various theatrical performances. These performances were basically in the form of plays or drama, the latter of which is defined by Aristotle as â€Å"poems representing action† in his work named ‘Poetics’. Aristotle also talks about the classification of drama into â€Å"Tragedy and Comedy,† and furthermore, defines tragedy as the â€Å"imitation of an action that is serious and also, as having magnitude, complete in itself.; in appropriate and pleasurable language;... in a dramatic rather than narrative form; with incidents arousing pity and fear, wherewith to accomplish a catharsis of these emotions† (University of Chicago Internet Project, n.d., p.1). According to this definition, on analysis of Oedipus the King, one can see imitation in the form that the performance i s a re-enactment of the whole story, and the main issue in the story is the conflict between fate and Oedipus’ choices or actions. This issue is serious as well as of great importance, and also, it is ‘complete in itself,’ that is, the theme or issue is followed throughout the story. The serious actions range from Oedipus killing his own father to him marrying his mother and in the end becoming a reason for her suicide as well. The point to be noted here is that all his actions, although resulting from fate, are still an outcome of his own decisions. The language used in the play is ‘appropriate and pleasurable’ in the sense that the comments of the chorus are different from that of others’ dialogs, as the former has different meters as well as rhythm and melody. The tone

Personal statement Example | Topics and Well Written Essays - 500 words - 51

Personal Statement Example The knowledge obtained by combining management and financial study is essential as it facilitates the development of strategic decisions. At the same time, the two disciplines ensure effective adoption and implementation of policies and plans aimed at achieving the organisations objectives. Asset allocation is one of the fields where management and financial strategy are often intertwined. This investment strategy involves creating a balance between risk and reward by adjusting the percentage of an asset. Therefore, critical thinking that is a skill obtained in management is significant in determining business’s risk tolerance, goals and investment time frame (Pandey 2009:70). Moreover, the external environment is often bombarded with issues such as inflation. Inflation is a current issue that can cause significant distortions in the economy. A market that is experiencing inflation discourages savings, reduces economic growth and can discourage investors. Management cannot rely on their knowledge regarding the market. Therefore, management would be expected to conduct research on the environmental forces that would affect its resources and thus inhibit the achievement of the set objectives. When it comes to inflation, management is expected to utilise its financ ial tools so as to come up with an effective financial strategy that would ensure the firm’s success. Studying finance is important as it enables a manager to ensure proper allocation of money. The business operates in a financial environment in which there are a constant inflow and outflow of money. Without proper financial management, a firm would be unable to account properly for the financial resources available. For example, if a small business took a small loan and used it to finance its fixed assets. The short loan is a liability that has to be paid back within one year. However, the firm may find it difficult to sell the assets within one year. The company may find itself unable to pay

International Financial management Essay Example | Topics and Well Written Essays - 2000 words - 2

International Financial management - Essay Example From here, the borrowed money must be converted into to home currency or pounds sterling using the current spot rate of 1.2834because the company is assumed to invest what it has borrowed to earn interest at UK at 4%. Thus, the future value will be the total amount at  £393,447.48 will be received from the foreign exchange transaction at the end of six months. Also, when it is time to pay the foreign currency loan, it will use the foreign currency money it receives from its customer to pay such loan. Method I is an example of money market hedge where the current spot rate is the only relevant rate and fluctuations in spot rate in the future is not relevant. This can be done by borrowing foreign currency money at a fixed rate at the strength of future receipt of foreign currency. Method 2 on the other hand makes of forward exchange hedge. Note that the exchange rate that is relevant this time is the forward rate as it will determine the cash inflow that the company will receive in the future. Thus, the current spot rate and the subsequent fluctuations in spot rates during the period of six months are irrelevant. At the date of the contract is entered upon, there are no cash outflows or inflows involved. The cash inflow will happen at the end of the forward contract which is after six months. At six-month time, the company will give to the bank the 500,000 euros that it will receive from its customer. The bank in turn will give to the company the amount of 500,000 euros converted into the forward rate it has agreed with the company. Comparing the value to be received in Method 1 at  £393,447.48 as against  £392,003.14 to be received under the Method, there is evidence to choose the former at will give a net advantage of  £1,444.34 . The international risks that company faces in relation to changes in foreign exchange rates are divided

Business Management as a career Essay Example | Topics and Well Written Essays - 1000 words

Business Management as a career - Essay Example Your decisions may make or break the organization and the cost of making wring decisions is very high as compared to small businesses. At such a high level of risks and costs associated with mistakes, the decision makers do get a good remuneration packages. Salaries and other benefits for the top level management of such huge businesses are relatively in multiples of those for small businesses. Even in the small groups, the business management professionals are relatively high paid than the rest of the workforce. This is because there are a few people with good leadership and management skills to effectively manage the operations for such companies. Coming back to the career issue, what else can a person go for Amongst known professions, IT had a boom for a few years when everyone wanted to get into information technology and its related fields, but it ended soon. Chartered accountancy, a very tedious option, is nevertheless a very successful career choice for a number of people, but then one can not get the top hand in this profession as finance is a merely a supportive function in many organizations. Engineering and medical were also popular for some time, but then the market got flooded with professionals. Business management is a focused profession requiring a high level of knowledge of the subject and the market your business is dealing in. besides knowledge, the management and leadership skills are also required to manage effectively the operations of any business, whether it be a small owned confectionaries business, or a multinational FMCG or an automobile manufacturing firm. The qualifications required for business management are not the sole criterion for success. The major requirement is the dynamism and the abilities to run and manage business operations. The business manager should be able to forecast and meet the demands of its customers and satisfy them with the offering, keeping a long term profitable customer relationship. The acceptable qualifications, to judge candidates on a common ground, may be masters in business administration. MBA, a known business qualification, is specifically focused on business management and administration. This covers various aspects of modern business as a part of its curriculum. MBA curriculum and course content includes the teaching and case-based analysis in various business subjects including, but not restricted to, finance, accounting, marketing, management, human resource management and other optional or elective courses. An MBA has the option to major in any of the available fields like finance and accounts, HRM, marketing, MIS and others as per the offering of the universities. As stated in an article on self-employment "Working for oneself holds great attraction for many people. Some view self-employment as a chance to advance professionally by becoming their own boss, earning more money, or gaining status. Others seek the personal advantages it may provide, such as the ability to work at home, have more flexible working hours, or create profitable ventures from activities they enjoy. Still others want to try something different from their current job or the one

Aviation Security 2 Case Study Example | Topics and Well Written Essays - 500 words

Aviation Security 2 - Case Study Example It can either be private, run by the government or both (Zellan, 2003). This is because there are many airports with the three forms of ownership and operates smoothly. It is important for the airline to choose the best form of ownership (Zellan, 2003). Each form has some advantage sand disadvantages that should be well analyzed before a final decision is made. The three methods are good and have worked in many parts of the world but choosing the best option is the challenge. a. The government ensures that its people are well protected. It will do anything to guarantee secure flights for the passengers. This is why it came up with the Transport Security Administration after the September 11 accident (National Research Council (EÃŒ .-U.). & National Research Council (EÃŒ .-U.), 2003). b. There will be minimal financial constraints because the government will be responsible for providing funds that will ensure that all security details are in place (National Research Council (EÃŒ .-U.). & National Research Council (EÃŒ .-U.), 2003). c. All activities will be under the Federal Aviation Administration that is known for quality control this assures passengers that they will have the best that the government can offer (National Research Council (EÃŒ .-U.). & National Research Council (EÃŒ .-U.), 2003). a. The first disadvantage is in the delays in implementation of projects. The government has a history of, not implementing all the ideas right in time. There is historical evidence of the slowly run projects that have lead to inconveniences in the airline industry (National Research Council (EÃŒ .-U.). & National Research Council (EÃŒ .-U.), 2003). b. When funds are not available, there are no alternatives methods of looking for money. It has to be released by the treasury regardless of the delays (National Research Council (EÃŒ .-U.). & National Research Council (EÃŒ .-U.), 2003). a. All projects and operations will be successful because of completion from

Greed, Need and Money, Walter Williams Essay Example for Free

Greed, Need and Money, Walter Williams Essay In the article entitled, Greed, Need and Money, Walter Williams presents his take on the economics and logic of keeping CEOs highly paid. He essentially argues that these huge â€Å"golden parachutes† and corporate salaries are justified by return that these companies get in return. Just because a CEO gets a high salary does not mean that he does not deserve it or do anything to help the company recover that value. By comparing this to a simple supply and demand model, Walter Williams is able to show that the reason the salaries are so high is because the demand is high as well and supply is pretty scarce. One manner by which the mention of the word greed can be applied to the economic lessons that have been discussed is to juxtapose this to the application of greed as an economic theory. Greed can be said to be the primal instinct for self-preservation of people. In an attempt to protect one’s self, man seeks only to pursue his individual interests without care for the well-being of others. In relation to economics, this pursuit of individual interests is greed or the pursuit of economic self-interests, otherwise known as individual wealth accumulation. Greed as a driving force is not an entirely new concept as it was originally part of the Invisible Hand theory introduced by Adam Smith. The basic precept of the invisible hand is that in a free market a person who chooses to be greedy and pursue his own interests in invariably also furthering the good of the entire community. A perfect example is in a situation where a person seeks to maximize his personal profits in total disregard of other factors. By applying the Invisible Hand theory of Adam Smith, it can be shown that when the total revenue of society is calculated this becomes identical to the summation of the individual revenues of every member of that society. In order to arrive at a better understanding of how greed, which is a key concept under the Invisible Hand Theory, both drives and regulates capitalist markets, it is essential to have a brief discussion of the basic supply and demand model. This is because production is driven by the willingness of the seller to supply and the basic goal of every seller is to increase profits (greed). This can be understood from two approaches, however, the first being profit maximization through an increase in the volume of units sold (assuming ceteris paribus) and the second being profit maximization through a decrease in the cost of the factors of production which in turn increases the profit margins per unit sold. The basic supply-demand model becomes critical in this understanding because under the market model sales will only willingly occur at the equilibrium point. The price level of a good essentially is determined by the point at which quantity supplied equals quantity demanded. The law of supply and demand predicts that the price level will move toward the point that equalizes quantities supplied and demanded. Greed is crucial in this sense because it is the basic assumption or behavior under this model. Without greed, there would be no drive for the individuals in society to pursue their own self-interests. The absence of this driving mechanism would mean that there will be no individual revenues and thus leading to the failure of the community revenue to equalize with its summation. This basically means that society’s scarce resources become more efficiently allocated through the regulatory nature of greed in capitalist markets. While the Invisible Hand theory has already been rejected as an acceptable economic model by the works of John Maynard Keynes and Milton Friedman, the more complex markets of today have shown that the pursuit of self-interests, while natural of human behavior, must be regulated by external systems in order to ensure a more equitable and efficient allocation of resources. This means that greed is not necessarily good in today’s current economic situation. As used in this discussion and in the article, this greed may not only be the effect of supply and demand but the pursuits of an individual’s self-interests for the improvement of the economic system.