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Equity

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  • 10-12-2014 3:55pm
    #1
    Engele
    Registered Users Posts: 13 ✭


    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 :)
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    #2
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭Beano


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


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    #3
    Engele
    Registered Users Posts: 13 ✭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 :)


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    #4
    Engele
    Registered Users Posts: 13 ✭Engele


    Found it :)


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    #5
    Beano
    Closed Accounts Posts: 3,357 ✭✭✭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.


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    #6
    Engele
    Registered Users Posts: 13 ✭Engele


    Now its just left to do Legislation and Constitution :)


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    #7
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭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.


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    #8
    Engele
    Registered Users Posts: 13 ✭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 :D


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    #9
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭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!


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    #10
    Engele
    Registered Users Posts: 13 ✭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 :)


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    #11
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭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


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    #12
    Engele
    Registered Users Posts: 13 ✭Engele


    I actually dont know what that means- legislating from the bench :D 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 :)


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    #13
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Engele wrote: »
    I actually dont know what that means- legislating from the bench :D 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.


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    #14
    Cookie_Monster
    Registered Users Posts: 24,479 ✭✭✭✭Cookie_Monster


    Equity = Assets - Liabilities :)


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    #15
    234
    Registered Users Posts: 1,529 ✭✭✭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.


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    #16
    CIARAN_BOYLE
    Moderators, Sports Moderators Posts: 14,599 Mod ✭✭✭✭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.


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    #17
    Jawgap
    Closed Accounts Posts: 20,297 ✭✭✭✭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' :)


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    #18
    234
    Registered Users Posts: 1,529 ✭✭✭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.


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