Chapter1BD-1N

Chapter1BD-1N - THE COMMON LAW SYSTEM Law vs. Equity From...

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THE COMMON LAW SYSTEM Law vs. Equity From their origin in the late-Eleventh Century, common-law courts were typically classified as either courts of law ” or “ courts of equity .” Courts of Law were empowered only to award wronged parties money or other valuable compensation for their injuries or other losses. Courts of Equity , by contrast, were empowered to award any manner of non-monetary relief, such as ordering a person to do something (a.k.a. “specific performance”) or to cease doing something (a.k.a. “injunction”). Remedy at law - Money damages Remedy at equity - Injunctive relief
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STARE DECISIS Stare Decisis : The doctrine by which judges are obligated to follow precedents established within a particular jurisdiction. Precedent: The authority afforded to a prior judicial decision by judges deciding subsequent disputes involving the same or similar facts and the same jurisdiction’s substantive law. Binding Authority:
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This note was uploaded on 10/29/2008 for the course FIN 3055 taught by Professor Cgiles during the Fall '08 term at Virginia Tech.

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Chapter1BD-1N - THE COMMON LAW SYSTEM Law vs. Equity From...

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