Business Law: Differences Between Common Law And Equity

Decent Essays
Statements made during the course of negotiations could amount to a contractual term or a representation. It is important to know whether a particular statement is a contractual term or if it is a representation as this will determine
Business Law

Common Law and Equity
Common law is a structure used in countries of Anglo-Saxon origin, countries as the United Kingdom and the USA. Common is law is more based in jurisprudence than the written law itself, jurisprudence is the set of interpretations of the written laws. An example of common Law would be a case where people of the same marriage want to get married and they look for previous cases to support their idea where as also the opposition base uses their argument on previous cases and the
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To solve this problem and remediate this problem of injustices the equity law evolved.
The equity law started to evolve when the common law became more consolidated and rigid, strict rules about the gathering of evidences started to create problems and injustices.
Differences between common law and equity are the common law uses money as the only remedy where as equity seeks another juridical remedies or even monetary remedies. Common law uses previous cases to support and decide new cases and equity law is based on the written laws and decisions are made in equitable way. Common Law doesn’t recognise the existence the equity law and equity law recognises the common and tries to provide solutions to
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If the representor shows expertise than is considered as a contractual term. Dick Bentley v Harold Smith Motors [1965]
Oscar Chess v Williams [1957]
Remedies
Remedies are solutions used in law to compensate an injury party in a way that cancels or reduces the damage caused either moral or material, that was originated by the not performance of the duties or deficient performance of the party’s obligation or sometimes through the violation of the party’s rights . There are different types of remedies:

• Damages- are meant to the appropriate compensation to the party in order to out the innocent party in the same position if the contract was celebrated. There two types of damages, moral and physical. Addis v Gramophone [1909]
Repudiation – is one of the remedies available, and refers to end of the contract in case if it was breached in the first place. Bettini v Gye 4

• Rescission- is type of remedy that puts both parties in the pre-contractual position, is the cancellation of the contract for some specific reasons.
Car & Universal Credit v Caldwell [1964] 2 WLR 600

Coercive

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