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Simple English definitions for legal terms
equity term
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A quick definition of equity term:
Equity term refers to a specific period of time during which a court hears cases related to equity, which is a type of law that deals with fairness and justice. It is one of the different types of terms used in the legal system, which can also refer to a fixed period of time for a contract or lease, or a period during which a court conducts judicial business. The term equity term is important for understanding when certain types of cases will be heard in court.A more thorough explanation:
An equity term is a period during which a court tries only equity cases. Equity cases are those that involve fairness and justice, rather than legal technicalities. For example, a case involving a dispute over property ownership may be heard in equity court if the legal ownership is unclear, and the court needs to determine what is fair and just.
One example of an equity case is a dispute over a will. If the will is unclear or there are questions about its validity, an equity court may be called upon to determine how the deceased person's assets should be distributed.
Another example of an equity case is a dispute over a contract. If one party claims that the other party did not fulfill their obligations under the contract, an equity court may be called upon to determine what is fair and just in the situation.
Overall, equity terms are important because they allow courts to focus on cases that require a deeper understanding of fairness and justice, rather than just legal technicalities.