1 what is the difference between remedies at law and remedies in equity?
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What is the difference between remedies at law and in equity? Remedies at law are limited to payments of money or property (including land) as damages. Remedies in equity is available only when there is no adequate remedy at law. ... Sometimes known as Equity Relief.
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Common law and equitable right has two different function in that, common law establishes general rules which provide certainty, while, equitable rights acts as a check and balance of common law. This arises from the strict application of the common law.
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The main difference between an equity partner and non-equity or income partner is that the equity partners assumes a higher degree of capability in a lot of areas, not just good lawyering.
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Laws are like the legal version of rules. The main difference between rules and laws is the consequences associated with breaking them. While each is developed to invoke a sense of order, fair play, and safety, the weight of a law is much heavier than the weight of a rule. Laws are like the legal version of rules.
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Equity is the owner's share of the assets of a business (assets can be owned by the owner or owed to external parties - debts). Capital is the owner's investment of assets in a business. The owner can also make profits from a business that he/she runs. ... Therefore, profits from a business are also part of equity.
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“Generally speaking, an attorney, or attorney-at-law, is a person who is a member of the legal profession. An attorney is qualified and licensed to represent a client in court. ... A lawyer, by definition, is someone who is trained in the field of law and provides advice and aid on legal matters.
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Equality means giving everyone the same thing, whereas equity means giving people what they need to reach their best health.
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The simple difference between public and private law is in those that each affects. Public law affects society as a whole, while private law affects individuals, families, businesses and small groups.
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In stock market parlance, equity and stocks are often used interchangeably. Stocks and equity are same, as both represent the ownership in an entity (company) and are traded on the stock exchanges. Equity by definition means ownership of assets after the debt is paid off. Stock generally refers to traded equity.
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What is the difference between a rule and a law? While many differences exist between rules and laws, the biggest is the CONSEQUENCE. RULES are a set of instructions to help people live and work together. ... LAW is a set of legal rules designed to help keep order, protect property, and keep people safe.
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In simple terms, what you own is reported under the heading Assets; what you owe is reported as Liabilities. The difference is the accumulation of profits and investments made into the business by the owners, also known as Equity.
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In stock market parlance, equity and stocks are often used interchangeably. Stocks and equity are same, as both represent the ownership in an entity (company) and are traded on the stock exchanges. Equity by definition means ownership of assets after the debt is paid off. ... Equity can also mean stocks or shares.
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Equity is money which is bought by Owners of Company for running the business, whereas Assets are things which are bought by the company and have a value attached to it. Equity is always represented as the Net worth of Company whereas Assets of the Company are the valuable things or Property.
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Traditionally, English courts followed a distinction between courts of law and courts of equity. A court of equity is a type of court that hears cases involving remedies other than monetary damages, such as injunctions, writs, or specific performance and a court of law, only hears cases involving monetary damages.
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As nouns the difference between remedy and compensation is that remedy is something that corrects or counteracts while compensation is the act or principle of compensating.
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A barrister generally performs trial work, especially in the higher courts, and does not deal directly with clients. A solicitor, on the other hand, speaks with clients, prepares documents and may appear as an advocate in a lower court. Finally, Esquire is a title sometimes used by attorneys.
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Case law includes decisions ie precedents under common law and equity. However, precedent means one decision which binds court to follow. Case law simply refers to disputes which are settled by the legal system through the workings of the Courts.