ALL YOU NEED TO KNOW ABOUT EQUITY LAW IN AUSTRALIA

What is Equity Law?: An Overview

Equity law is one of the significant parts of the Australia’s legal system which grants the individual and other entities with a relief from the contractual disputes or other disputes which cannot be resolved with the assistance of common law. The Courts while dealing with individuals or entities who are invoking their rights under the equity law consider the equities of both the sides before granting any relief to respective parties i.e. it must consider the equities of either side before granting any relief with a sole objective of allowing for justness and fairness even in the extreme circumstances.

Equity law also covers the rights of the parties in contract disputes. Suppose, if a party has breached the contract and has failed to pay any agreed amount, then the other party will be eligible to claim the equitable relief in such circumstances. It can also be invoked in situations when the contract was made under duress or without the full agreement of parties involved.

Another example where equity law can be invoked is the trust. A trust which is a legal entity is created solely for the purpose of managing, controlling, and protecting assets from the owner. Also, it can provide the security and protection against potential creditors but it depends on the type of trust that have been created. Some of the other areas where equity law plays a key role are relief from forfeiture and equitable remedies, specific performance, subrogation, indemnity, property law etc.  

Difference between Equity law and Common law

The major difference between equity law and common law is that equity law seeks to achieve a fair outcome even if the law may not support the same. Often, equity law overlaps with the common law because whenever the parties are unable to resolve an issue, they knock the doors of the Court. Now, equity law is applied because common law is not able to provide a solution which is just and fair. Hence, under equity law emphasis is laid on balancing the rights of the parties rather than merely following the law in rigid sense.

Conclusion

Equity is merely fairness, justice, morality, fair play etc. It is those body of rules which are distinguishable from the common law. Generally, equity law is considered as appendage to the general rules of law and they both go hand in hand as per the circumstances.

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