Inequity - Law Dictionary Search Results
Home Dictionary Name: inequityinequity
inequity pl: -ties : injustice ;also : an instance of injustice ...
Inequation
An inequality...
Original Bills inEquity
Original Bills inEquity. See BILL IN CHANCERY....
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a benefit or advantage, or any labour detriment or inconvenience sustained or suffered by the promisee at the request, express or implied, of the promisor. See Laythoarp v. Bryant, 3 Scott 250; 2 Wms. Saund 137 h; Currie v. Misa, (1875) LR 10 Exch 153.Consideration is one of the facts which the courts require as evidence of intention, (a) that a person intends his promise to be binding on him, or (b) that he intends to divest himself of a beneficial interest in property. In its widest sense consideration is the price, motive or inducement for a promise or for a transfer of property from one person to another. The nature or quality of the consideration which will be sufficient for these purposes varies with the nature of the transaction and in the absence of consideration the Courts will, except in the case of s...
Equitable estates and interests
Equitable estates and interests, Rights relating to property of which the legal ownership is vested in another person, or in the equitable owner himself in another capacity. The rights arise whenever a person obtains a title to have the property or an estate or interest in it vested in himself, e.g., by contract or by any conveyance or assignment which does not by law transfer or vest the legal estate or ownership in the transferee, by mortgage or charge, and whenever a trust arises, either express, constructive, implied or by operation of law. In theory the legal owner alone was entitled, both in law and equity, to the property, and he alone was responsible for the obligations and incidents attaching to the property, the beneficial owner merely having a personal right inequity to force the legal owner to carry out his obligation or trust, but the rights and obligations of beneficial ownership became recognized and affected by statute. The Statute of Uses turned the beneficial right or...
Joint-tenancy
Joint-tenancy. This tenancy is created where the same interest in real or personal property is, by the act of the party, passed by the same matter of conveyance or claim in solido, and not as merchan-dise, or for purposes of speculation, to two or more persons in the same right, either simply, or by construction or operation of law jointly, with a jus accrescendi, that is, a gradual concentration of property from more to fewer, by the accession of the part of him or them that die to the survivors or survivor, till it passes to a single hand, and the joint-tenancy ceases.Anciently, joint-tenancy was favoured because it did not induce fractions of estates, and returning to early principles the (English) Land Legislation of 1925 has employed the tenure generally as the machinery by which legal estate may in such cases always be in some person, called the estate owner, who is competent to give a title to the whole estate without the concurrence of other parties. that legal estate has been ...
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
Personal property
Personal property, money, goods, cattle, chattels, stocks, shares, securities, debts, etc., and also leases for years, however long. Personal property is either in possession, or in action, where a man has not the actual occupation of the thing, but only a right to it arising upon some contract, and recoverable by an action at law.Any person may assign personal property, including chattels real, directly to himself and another person or other persons or corporation, by the like means as he might assign the same to another, Law of Property Amendment Act, 1859, s. 21.This was extended by the (English) Emergency Act, 1881, to conveyances of freehold land or choses in action by a husband to a wife or e contra. Now, by the (English) Law of Property Act, 1925, s. 72, a person may convey real or personal property to himself alone.In the case of real property there can be no such thing as an absolute ownership in the subject-matter, i.e., land; the utmost that any one, even an owner in fee sim...
Tail
Tail [fr. tailler, Fr., to prune]. An estate-tail was formerly a freehold of inheritance and is now an equitable interest which may be created after 1925 in respect of personalty as well as realty by way of trust and which (if not barred or disposed of by will after 1925) will devolve inequity on the person who would have taken realty as heir of the body or as tenant by the curtesy if the Law of Property Act, 1925, had not been passed [s. 130 (4) (ibid.)]The limitation of an estate so that it can be inherited only by the fee owner's issue or class of issue, Black's Law dictionary 7th Edn., p. 1466.An estate-tail in land now constitutes a settlement. [(English) Settled Land Act, 1925, s. 1]With this and other statutory modifications under the (English) Law of Property Act, 1925, the rules relating to this form of estate are still applicable (a) in the investigation of all titles to land in existence on the 31st December, 1925; (b) in the construction of equitable interests into which th...
equity
equity pl: -ties [Latin aequitat- aequitas fairness, justice, from aequus equal, fair] 1 a : justice according to fairness esp. as distinguished from mechanical application of rules [prompted by considerations of ] [comity between nations, and require it to be paid for "F. A. Magruder"] b : something that is equitable : an instance of equity [the inequities produced by the system are outnumbered by the equities] 2 a : a system of law originating in the English chancery and comprising a settled and formal body of substantive and procedural rules and doctrines that supplement, aid, or override common and statutory law [the judicial power shall extend to all cases, in law and , arising under this Constitution "U.S. Constitution art. III"] see also chancery compare common law, law NOTE: The courts of equity arose in England from a need to provide relief for claims that did not conform to the writ system existing in the courts of law. Originally, the courts of equity exercised great ...
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