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Maxims for the promotion of the wealth of nations: being a manual of political economy, extracted fro - Maxims for the promotion of the wealth. - Internet Archive



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Privacy and Security  | Terms of Use  | Hyperlink Policy © Copyright. The Hongkong and Shanghai Banking Corporation Limited 2002-2018. All rights reserved

Maxims of equity are not a rigid set of rules, but are, rather, general principles which can be deviated from in specific cases. [3] Snell's Equity , an English treatise, takes the view that the "Maxims do not cover the whole ground, and moreover they overlap, one maxim contains by implication what belongs to another. Indeed it would not be difficult to reduce all under two: ' Equity will not suffer a wrong to be without a remedy ' and ' Equity acts on the person '". [4]

Sometimes phrased as "equity regards as done what should have been done", this maxim means that when individuals are required, by their agreements or by law, to perform some act of legal significance, equity will regard that act as having been done as it ought to have been done, even before it has actually happened. This makes possible the legal phenomenon of equitable conversion .

The consequences of this maxim, and of equitable conversion, are significant in their bearing on the risk of loss in transactions. When parties enter a contract for a sale of real property , the buyer is deemed to have obtained an equitable right that becomes a legal right only after the deal is completed.


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