Equity looks to the intent rather than the form. Maxims: Substance over Form 2019-01-07

Equity looks to the intent rather than the form Rating: 5,5/10 478 reviews

The twelve equitable maxims are: 1. Equity will not suffer a wrong without a remedy. 2. Equity follows the law. 3. Where there is equal equity, the law shall prevai...

equity looks to the intent rather than the form

It essentially means that Buyer is leaving open the option to reduce its offer price if it discovers anything undesirable during due diligence. It is on this maxim that the doctrines of performance and satisfaction are founded. An example from a land lord-tenant relationship. Conduct of Business The Company will continue to conduct business in the ordinary course consistent with past practice and will not, among other things, i engage in any transactions outside of the ordinary course consistent with past practice, ii enter into any material contracts, iii make or rescind any tax elections, iv increase any employee salaries or benefits, or v take any action that would tend to materially diminish the value of the business after the Closing or that would interfere in any material respect with the business of Buyer to be engaged in after the Closing, in each case without the prior written consent of Buyer; provided that, notwithstanding the foregoing, the Company may i borrow under its current secured bridge financing facility and ii renegotiate debt service and repayment terms with its principal secured lender. Interest of mortgagor: In a mortgage transaction the mortgagor agreed to pay the mortgage debt at a certain date and the mortgagee to re-convey the mortgage property to the mortgagor if his claim was paid by the due date.

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Section 6. Equity Will Not Suffer A Wrong To Be Without A Remedy

equity looks to the intent rather than the form

Defendant successfully had a search order discharged as they were not 'fly by night video pirates' but respectable business people and likely to comply with disclosure orders. Here's an introduction to each, what they mean, and important things to know before making your decision. Mr Cass, a solicitor, removed clients money from the client account and used the money for gambling at the Playboy Club. The views expressed in posts and comments are those of the individual contributor and may not be reflective of the views of other authors or readers. It might be said that equity is addition and not subtraction.

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Section 8. Equality Is Equity

equity looks to the intent rather than the form

House of Lords established the validity of a half-secret trust, satisfying the same basic requirements as a fully secret trust. Instead, equity looks at the form of the subject matter, rather than allowing the intention to dissolve in favour of caveats that work against common law, and obstruct a proper outcome. The court upheld the state on the ground that the money really belonged to the customers of the company. Set off means counter claim. It looked to the very letter of the agreement and not the intention behind it. Therefore in breach of the above agreement, A sells the property to C for B Rs.

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Maxims of equity

equity looks to the intent rather than the form

And the presumption is that it was for the benefit of the child. One is explainable and other one is not explainable. It should not conclude that Court of Chancery furnished a remedy for every moral wrong. Notice even after proceeding is also lawful, especially in tortuous acts or in criminal cases but it is not considered valid in civil cases. For example, a company that had been collecting sales tax and turning it over to the state government found that it had overtaxed and overpaid by 2 percent. Lady Lachmere cases are examples of performance.

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Maxims: Substance over Form

equity looks to the intent rather than the form

This is a buyer-favorable form proposed by a prospective buyer in an. If Court imposes fine, all are responsible equally. A contractor who completes work on a bridge one day late, for example, should not be treated as though he or she had breached the entire contract. Creditor keeps the receipt in his safe custody. For instance, it was often necessary for a claimant in a common law action to obtain disclosure of facts resting in the knowledge of the defendant, or of deeds, writings or other things in his possession or power. Generally equity will not interfere with a forfeiture that is required by statute, such as the loss of an airplane illegally used to smuggle drugs into the country. Equity courts construed that he purchased land to fulfill his obligation.

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What you need to know about M&A letters of intent

equity looks to the intent rather than the form

An attempt to rescind a contract for a painting which the vendor had innocently misrepresented to be the work of Constable failed for delay as the action took place five years after the purchase. Where a parent, who is under obligation by contract to provide a portion for a child, fails to do so, and afterwards bequeaths and legacy to the child and does not intimate by his Will that a legacy is meant as a satisfaction of the portion, the child shall be intended to receive the legacy as well as the portion. He also may be an expert. Note: this means that trustees' power of investment can be delegated. Where even by analogy the rule of law did not apply, equity formulated and applied it, own rules. Constructive notice means implied notice. If the case is referred toward the concerned authority and they have retained the case, which caused delay, it is explainable and does not defeat the right.

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Expression of Interest vs. Letter of Intent

equity looks to the intent rather than the form

He received damages, which were very nominal. The most important product of this maxim is the doctrine of. Has D transgressed the standards of conduct? It does not mean that anything goes. Where A conveyed land to B to hold to the use of, or on trust for C, and B claimed to keep the benefit of the land for himself, C had no remedy at law. In another case of Constantine — v — Imperial Hotel, plaintiff was refused to allot accommodation in hotel.

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regards substance rather than legal definition of regards substance rather than

equity looks to the intent rather than the form

For Service specific performance of company ok , Of Service employment contract, not. He has successfully closed hundreds of deals totaling tens of billions of dollars in value for a global client-base. Trusts of personalty - a trust which involves only personal property may operate with a single trustee. The amount can be changed if the child's needs require an increase or if the supporting parent becomes ill, unemployed, or retired. Key Employees Buyer will determine in good faith during its due diligence investigation which employees of the Company it desires to offer employment.

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Letter of Intent (LOI) Template

equity looks to the intent rather than the form

For example, where a statute creates a new right which cannot be enforced at law, equity will create new remedies to enforce it. F Equality is Equity or Equity delighteth in equality Where two or more persons are entitled to an interest in the same property, then the principle of equity is equal division if there is no good reason for any other basis for division. Official assignee may give notice in case of liquidation. Lenthal 1669 1 Ch, Ca 154. Third, Buyer is requesting that each shareholder of the Company, and not just the Company itself, indemnify Buyer. Equity follows appropriate rules of law, such as the rules of evidence and pretrial discovery.

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Section 8. Equality Is Equity

equity looks to the intent rather than the form

Where there is statutory prohibition. Primarily the intention was to purchase the property and the day fixed for the completion of the sale deed was only to secure performance of the agreement of sale. Then plaintiff may moulds according to the imposition of restrictions of the Court. Whereas the objects of a discretionary trust must be conceptually certain, a condition precedent will be valid if at least one person can be said to satisfy the condition. A court of equity will not assist a person in extricating himself or herself from the circumstances that he or she has created. If children are involved, that may be considered. Say there are three beneficiaries, in unequal shares.

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