EQUITY AND TRUST LAW

| April 21, 2014

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1. The Court of Chancery developed almost by historical accident.
2. Unlike the Common Law courts, it was willing to recognise new rights e.g. the use (trust) and new remedies e.g. injunctions and specific performance.
3. Equity was never a complete system of law and only intervened in some areas.
4. The maxims of equity guide discretion.
5. Equity has proved very flexible with many different types of trust being developed. E.g. public trusts, private trusts, fixed trusts, discretionary trusts, constructive trusts, resulting trusts etc.
6. Some trusts do not fit easily into any category e.g. secret trusts, Quistclose trusts etc.
7. The controversial issue today is how flexible equity should still be in recognising new rights and remedies e.g. proprietary estoppel, common intention constructive trusts.
8. in broad theory equity was an approach to justice which gave more weight than did the law to particular circumstances and hard cases
Explain the above how the equity system developed and what effect has today taking the above informations
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