Equity as a Framework of Law. History of Equity Jurisprudence Essay

Equity as a Framework of Law. History of Equity Jurisprudence - Essay Example The author provides an intensive discussion of equity by placing the law within the wider context of the changes it has gone through throughout history. This book compares equity and modern law, which is relevant to this discussion, especially in considering the various conflicts, which are present. Dixon M, Contemporary Perspectives on Property, Equity, and Trusts Law (1st, Oxford University Press, Oxford 2007) Martin Dixon counters common perceptions about equity as an area of law that is static, continuing the argument presented by Scott Atkins in Equity and Trusts. The author sets out to demonstrate that equity is still vibrant and dynamic with case law and new legislation. Divided into two parts, the second portion of the book sees the author focus on conscience and natural justice with regards to equity and impact of equity law on various regulations in the UK. This book will aid in my discussions on the nature of equity and its conflict with law. Rahmatian A, Introduction: Lor d Kames and His Principles of Equity (3rd, Glasgow, University of Glasgow 2011) 42 This book is a work of applied legal philosophy with principled and logical jurisprudential discussion regarding the scenarios of legal conflicts and solutions that equity proposed. The author argues that equity allows for the development of abstract paradigms and mechanisms for legal solutions, which act to inspire real life solutions sans requirement to adhere slavishly to the model. According to the author, equity bridges the gap between the meticulous but exegetic lawyer and the creative but not meticulous philosopher. This will be used to discuss the nature of equity and its role in mediating legal conflicts that require more than just legal interpretation. Ahart A, 'A Stern Reminder That the...These precedents in law refer to the rules used by judges of common law to make decisions in legal disputes. Judges in the common law legal system are responsible for creating and/or refining laws. Common law is binding to any future decisions made by the court, although a court’s decisions can only bind future decisions in that specific jurisdiction. Equity refers to legal principles that follow in the traditions of English common Law in every jurisdiction and supplement potentially harsh application of strict rules of law, to achieve natural justice. This paper will seek to elaborate on the creation of the equity system and the reasoning behind it, as well as the nature of equity and its conflict with common law. Emergence of Equity as a System of Law Early English equity jurisprudence history shows a clear distinction from law. This distinction, however, has become blurred with time. Equity refers, generally, to correction of errors or defects present in the law. The concept of equity has apparent roots to Aristotle’s concept of equity as an exception to the rule, in which the pronouncement made by the lawgiver was erroneous and defective. A law could be deemed erroneous or defective for various reasons, including the need to avoid the possibility of administering injustice when deciding â€Å"hard cases†.

Intermediate Accounting Essay Example | Topics and Well Written Essays - 2000 words

Intermediate Accounting - Essay Example MHS inventory system indicates a retail method but it does not explain the entire process of the retail method. This method associates with purchases and sales or any other returns or disbursement accounts. In its application, this method requires that the company should keep all records associate with these accounts for internal purposes and control. For example, sales revenue, beginning inventory valued at both cost and retail, purchases during the period, which is also valued at cost, and retail, adjustment for markups and markdown, cancellation or discounts, and data related to damaged goods, returns, transfer, breakage, or because of other reasons. The objective of using the retail inventory method is â€Å"to find the ending inventory value at cost† (Ibid). For MHS to use bar code with the products are recorded and classified by the cost value makes the physical count time consuming and difficult. This type of unit cost inventory method is unsatisfactory. Goods on stock or inventory are related to accounts payable and affect sales. If they are not properly recorded, they can cause ending inventory to be overestimated and pretax income to be overestimated by the same amount. Similarly, ending inventory can be underestimated and pretax income be underestimated by the same amount. This method also makes it difficult for the company management to evaluate which items cause problem in stock out or over stock.