Law developed through conclusions of courts and similar committees by the judges is known as common law, it is also known as case law. Common law binds upcoming decisions and it is the body of practice. Common law delivers compensation in monetarist value of the damages due to violation of contract and approves the legal owner of the property. Certain amount of money presented as compensation by a court for a breach or trot of agreement is known as damages, it is also famous as lump sum. In every case fails the common principle is that the opponent is eligible up to complete compensation.
For the claiming of the significant harms the innocent party must be capable to ascertain that he has suffered real loss otherwise he will be only authorized to nominal compensations with the effective cause of action. To minimize the damage the innocent party must take responsible steps according to common law. The figure of damages is analyzed based on the expected cost of resuming the complainant in the same situation they would be if the respondent had not employed in that conduct. But damage to environment, specific species or pollution cannot be quantified in monetary value so that common law cannot be used to protect them. For non-pecuniary losses such as loss of enjoyment and mental distress damages are not awarded.
Common law opposed rigidity throughout the thirteenth and fourteenth centuries. Common law criticized rigid as before and causes normally arose where the gathering mistreated could achieve no redress under the surviving law and modes of procedure.
Equity According to law, equity means the rules, which have been developed to ease the severity of the common law. The word “equity” means fair and it created new rights by giving beneficiaries rights against trustees by recognizing trusts. It offers a wide range of remedies than common law. It recognized trusts of property and might issue restrictions, orders to stop or do something. It can force to keep the contract if it seems to be important. The judicial system grew strict and rigid after the Norman Conquest. The court of chancery was established by the king through chancellor to make equity law, which would deal with specific and induction compensation in the breach of contract that can’t be done by common law.
Equity has developed due to inflexibility of the common law. It began to emerge as a clear set of principles and it was established during chancellorship of lord Nottingham at 1673. The efficiency of equity was large due to its ability to adapt and innovate, due to which it became regulated in a same way as the development of the common law before.
Equity produced 3 major changes
* More effective procedure to resolve dispute was established by equity law. * New and protected rights were recognized for which common law had not provided any safeguard. * Better and more flexible remedies were provided by equity law such as specific performance and injunctions, where as common law had only provided only damages.
Creative remedies available Remedy is something that corrects the error or fault. It is an act of redressing or preventing a wrong or imposing a right. We can find three types of vital remedies in American law. One is since the established law courts of England, and is for the compensation of wealth to the sufferer. Second type of remedy comes from Chancellor called Chancery from England, and is for compelling someone who has been defaulted upon what he has promised. The third type is called declaratory remedy and is used for resolving the law that relates with the individual proofs deprived of any knowledge to the parties.
Major changes between common law and equity
* As time passed, courts of equity and courts of law encountered conflicts due to over revolving of decision made by common law by judges by equity law. The disagreement was resolved in 1615, in the Earl of Oxford’s case, when the king announced that equity must overcome between common law and equity law conflict.
* Before enlargements of common law and equity there was a difficulty that all the leaders were clerks and they were not instructed with the law. So, that the outlet considered as fair by one leader was viewed one-sided by another leaders and vice versa. The drawback was resolved by assigning those chancellors which has been taught in the common law due to which equity progressively became more reliable body of principle and approximately as official as common law.
* When the judicature acts of 1873-1875 merging two courts was passed the chronological separation of equity law courts and courts of common laws were uninvolved. Then it become feasible for a complainant to bring a case either in equity law or common, in the same courts, which saved money and time.
Types of equity law * Specific performance The action taken to force a party who has breached the agreement to perform the agreement as assured is known as specific performance. It is used as the alternative method for paying damages and is categorized as an equitable remedy generally used in real property. It is generally opposite of prohibitory command but there are compulsory commands, which have parallel influence to specific performance. The court of common law had no authority to command a respondent to conform to his predetermined commitment; but this authority had been in practice in the court of equity for a long period as a judgment of specific performance. Generally, agreement borders the remedies that a non-breaching party can get. * Specific performance is not granted if.
* The postponed of action have been done due to extreme work of applicant. * It would trigger unnecessary difficulty to the respondent. * The complainant has not approached through good influences. * It is the contract of the employment.
It is hardly approved to implement an agreement for the selling of the goods science it is found difficult to superintendents the commands of the courts and normally a satisfactory solution is also offered through damages and if the goods concerned are irreplaceable, specific performance may be ordered.
* Injunction Equitable remedy as a court order that involves a party to renounce from doing particular acts is known as injunction. A party that stops to obey with injunction faces civil punishments and may have to admit agreements or pay compensations. It is an unusual remedy, reserved for extraordinary case on which provisional protection of the position quo is compulsory. To issue injunctions sensibly the courts use their authority, only when it looks compulsory. Court will always believe any difficulty that the parties will tolerate by the rejection of the injunction because injunctive support is not a solution that is substantially approved. There are many types of injunctions, such as; * Preliminary injunctions.
* Preventive injunctions * Mandatory injunctions * Permanent injunctions * Restraining Orders For an interlocutory injunction the candidate must show the followings to be approved, * The funding of injunction must be in favor of the stability of convenience; * That the question going to be attempted must be serious; and * It can give a real responsibility as to compensations.