Common Law and Equity (2024)

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Common law and equity are two legal systems that developed in England and have had a significant impact on the legal systems of many other countries, particularly those following the English legal tradition, such as the United States, Canada, Australia, and New Zealand. While they now operate within a unified judicial framework, their historical development and purposes highlight distinct features and functions.

Historical Development of Common Law
The common law system originated in England during the medieval period. It evolved from the customs and judicial decisions of the royal courts, which were used to resolve disputes. As judges made decisions in individual cases, they created precedents that were followed in subsequent cases, leading to a body of law that was common throughout the realm. Common law primarily provided remedies through monetary damages and was known for its rigidity and formality.

Historical Development of Equity
Equity developed as a response to the limitations and rigidity of common law. When the common law courts could not provide adequate remedies or justice due to their strict procedures, litigants petitioned the King, who delegated these petitions to the Lord Chancellor. The Chancery Court, led by the Lord Chancellor, applied principles of fairness and justice, providing remedies that were more flexible than those available under common law. Equity offered solutions such as injunctions, specific performance, and rescission, which addressed the needs of justice more comprehensively.

Common Law Principles
The principles of common law are based on precedent, also known as stare decisis. This doctrine requires courts to follow previous judicial decisions when the facts of a case are similar, ensuring consistency and predictability in the law. Common law remedies are typically monetary damages awarded to compensate for losses suffered due to a breach of contract, tort, or other wrongs.

Equity Principles
Equity is guided by principles of fairness, justice, and conscience. It operates on maxims such as "equity will not suffer a wrong without a remedy", "he who comes to equity must come with clean hands", and "equity regards as done that which ought to be done". These principles allow for more flexible and discretionary remedies, such as:

  1. Injunctions: Orders restraining a party from doing or continuing an act.
  2. Specific Performance: Orders requiring a party to perform a specific act, usually the completion of a contract.
  3. Rescission: Cancellation of a contract and restoration of the parties to their pre-contractual position.
  4. Rectification: Correction of a written document to reflect the true intentions of the parties.

Integration and Modern Application
Over time, the distinction between common law and equity became less pronounced, especially after the Judicature Acts of 1873-1875 in England, which merged the administration of law and equity into a unified court system. This integration meant that all courts could apply both common law and equitable principles, providing a more comprehensive range of remedies.

Unified Judicial System
In the modern legal system, courts are empowered to apply both common law and equity. This allows judges to provide the most appropriate remedy based on the specific circumstances of each case. For example, a breach of contract case might be addressed through monetary damages (common law) or specific performance (equity), depending on what is deemed just and fair.

Flexibility and Fairness
The fusion of common law and equity ensures that the legal system is both predictable and flexible. Common law provides stability through established precedents, while equity offers the flexibility needed to achieve justice in cases where rigid application of common law would result in unfair outcomes.

Legal Precedents and Discretion
While common law relies heavily on precedents, equity allows for judicial discretion to adapt legal principles to new and unique situations. This combination helps maintain a balance between consistency in the application of the law and the ability to address the nuances of individual cases.

In summary, common law and equity represent two complementary streams of legal principles and remedies that have evolved to address the limitations of each other. Common law provides a structured and predictable framework based on precedents, while equity introduces flexibility and fairness through discretionary remedies. The integration of these two systems within a unified judicial framework ensures that the legal system can deliver both consistency and justice, adapting to the specific needs of each case.

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FAQs

What's the difference between equity and common law? ›

Equity and Common Law: Defining the Terms

Equity involves principles based on fairness, conscience and equality, as opposed to the more rigid rules of common law. Common law refers to the legal system developed in England from the 12th century onward, based on court rulings and customs rather than statutes.

What is the difference between in equity and in law? ›

Many people think that winning a lawsuit means winning money. That isn't always the case. There are two types of claims: legal and equitable. While plaintiffs pursuing a legal claim ask a court to award money, litigants bringing an equitable claim ask a court to either prompt or stop a particular action or event.

What is the concept of equity? ›

Equity is the amount of capital invested or owned by the owner of a company. The equity is evaluated by the difference between liabilities and assets recorded on the balance sheet of a company. The worthiness of equity is based on the present share price or a value regulated by the valuation professionals or investors.

Does the 7th Amendment apply to suits in equity? ›

The Amendment states that its requirements concerning jury trial apply in “suits at common law,” not equity.

What is equity law in simple terms? ›

The term “equity” refers to fairness and justice and is distinguished from equality: Whereas equality means providing the same to all, equity means recognizing that we do not all start from the same place and must acknowledge and make adjustments to imbalances.

What is a common law example? ›

What is an example of common law? The concept of common-law marriage, which acknowledges similar rights as those that have a marriage license to couples that are not officially married if several conditions are met, is one example of common law in action today.

What is an example of equity? ›

Equity is providing a taller ladder on one side or propping the tree up so it's at an angle where access is equal for both people. A line of people of different heights are watching an event from behind a fence. Equality is giving equal opportunity for each person to get a box to stand on to get a better view.

What is equity in home ownership? ›

Equity is the difference between what you owe on your mortgage and what your home is currently worth. If you owe $150,000 on your mortgage loan and your home is worth $200,000, you have $50,000 of equity in your home. Your equity can increase in two ways.

What basically is equity? ›

Equity can have multiple meanings, but at its core means ownership, or more specifically, the value of an ownership stake in an asset or company. Some of the most recognizable forms of equity are ownership in a company or your home's value after subtracting your mortgage balance.

What does the US Constitution say about equity? ›

The constitutional right to equal protection bars the government from passing laws or taking official actions that treat similarly-situated people or groups of people differently.

What is a common law suit? ›

Your lawsuit might depend on similar cases that came before. Here's why... Some laws are made by the legislature, but others are made in the courtroom. “Common law” is when a decision in a case sets the precedent for similar cases that follow.

What are suits at common law? ›

In Suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise re-examined in any Court of the United States, than according to the rules of the common law.

What is the difference between common equity and equity? ›

Common equity, also referred to as common stock, is typically the stock held by founders and employees (usually employees have options to purchase common stock). This equity normally has fewer rights associated with it than preferred equity.

What is common equity and example? ›

Common equity tells us the true value of a company. It indicates the value of money that is left for common shareholders when all assets are liquidated, and debt, as well as preferred shares, are paid.

What does equity jurisdiction mean? ›

EQUITY JURISDICTION Definition & Legal Meaning

an authority that is based on the nature of a matter and it will be dealt with an equitable deliberation and not one of laws.

What is an example of equitable relief? ›

Equitable relief is distinguished from remedies for legal actions in that, instead of seeking merely monetary damages, the plaintiff is seeking that the court compels the defendant to perform a certain act or refrain from a certain act. Common types of equitable relief are injunctions, specific performance, or vacatur.

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