Equity

Engele

Hi everyone. Ive to do an assignment again in Legal P&P . One of the questions is asking to briefly explain Equity. I do know that it is about the set of rules that everyone should be treated equally but it is all I know. I can't find any definition of Equity as a legal term. Thanks in advance

Beano

you didnt look very hard did you? i found a long and detailed definition after a 2 second google.

Engele

Beano wrote: »

you didnt look very hard did you? i found a long and detailed definition after a 2 second google.

I did actually if I hadnt tried myself I wouldnt ask for help here

Engele

Found it

Beano

Engele wrote: »

Found it

wasnt so hard was it. if yours includes the phrase

ex oequo et bono

then we probably found the same page.

Engele

Now its just left to do Legislation and Constitution

MarkAnthony

Engele wrote: »

Hi everyone. Ive to do an assignment again in Legal P&P . One of the questions is asking to briefly explain Equity. I do know that it is about the set of rules that everyone should be treated equally but it is all I know. I can't find any definition of Equity as a legal term. Thanks in advance

Actually it's not. The law of Equity is completely different to the concept of equality. As for briefly describing it, it's the gloss over the common law. Very interesting area of law very few are aware of.

Engele

MarkAnthony wrote: »

Actually it's not. The law of Equity is completely different to the concept of equality. As for briefly describing it, it's the gloss over the common law. Very interesting area of law very few are aware of.

Thanks, yea I know that now before I read the definition I was actually thinking that it has to do something with equality but thats totally wrong

MarkAnthony

Looks like you're doing sources of Law keep that in mind. They'd primarily be

The Constitution
Legislation
Common Law
Equity
EU Law

The interplay between them should not be overlooked. The Constitution may inform a Judge who makes a common law decision that eventually gets codified into legislation, as a crude example.

Equity originally comes from the King's ability to give special rulings.

Best of luck with it!

Engele

Thanks very much, yea that's exactly what I'm doing sources of Law. Had to explain each of them and then still have to do structure of Irish courts and the last one is impact of one aspect of the Irish Constitution on Irish Law (also including recent cases) - I think I'm going to discuss abortion in Ireland. Still long way to go

MarkAnthony

Whats very interesting to me is the fact that the Irish Constitution doesn't allow legislating from the bench, but like everything in Ireland its a matter of degrees. Do what you think is interesting but everyone is going to do Abortion :P

Engele

I actually dont know what that means- legislating from the bench can u explain? I suppose everyone is gonna do Abortion but that is the topic what I'm most familiar with that why I was considering it

MarkAnthony

Engele wrote: »

I actually dont know what that means- legislating from the bench can u explain? I suppose everyone is gonna do Abortion but that is the topic what I'm most familiar with that why I was considering it

back to google for you :P It's better explained by you doing your own research. Do what you're most comfortable with in an assignment.

Cookie_Monster

Equity = Assets - Liabilities

234

Cookie_Monster wrote: »

Equity = Assets - Liabilities

Even in financial terms, as opposed to legal, that's not what equity is. Financially, equity involves an ownership stake. Mostly used re equity finance v debt finance.

CIARAN_BOYLE

234 wrote: »

Even in financial terms, as opposed to legal, that's not what equity is. Financially, equity involves an ownership stake. Mostly used re equity finance v debt finance.

In accounting terms that is what equity is though. On your balance sheet assets-liability is equal to shareholders funds which is equity.

Jawgap

MarkAnthony wrote: »

Actually it's not. The law of Equity is completely different to the concept of equality. As for briefly describing it, it's the gloss over the common law. Very interesting area of law very few are aware of.

I thought one of the maxims was Equality is equity or maybe it was 'equity is equality'

234

CIARAN_BOYLE wrote: »

In accounting terms that is what equity is though. On your balance sheet assets-liability is equal to shareholders funds which is equity.

But the equity value of a company can include things like goodwill which is only an asset in a completely fictional sense, in that is simply an exercise in making up the shortfall between the value of a firm and its actual assets. Assets - Liabilities is reductionist to the point of being unhelpful.