Which of the following is correct with respect to the law of equity?
A) Equity no longer exists; the courts were merged.
B) "Equity" means fairness in our legal system.
C) The Court of Equity was one of the original common law courts along with the court of king's bench and the court of the exchequer.
D) "Equity" refers to the body of law created by the Courts of Chancery.
E) "Equity" refers to the amount still owing on a debt.

Question

Quizplus · Accepted Answer

The law of equity refers to the body of law created by the Courts of Chancery, which acted as a supplement to the common law courts. The Court of Equity was part of the Courts of Chancery. Today, the principles of equity are still used in modern legal systems to achieve fairness and justice. Therefore, option B is partially correct as equity does represent fairness in the legal system, but it is not a complete explanation. Option A is incorrect as equity still exists as a concept in the legal system. Option C is partly correct, but it is incomplete as it does not explain what equity is. Option E is incorrect as it is referring to a different meaning of the term 'equity' in finance.

Which of the Following Is Correct with Respect to the Law