Property law learning portfolio Essay Example | Topics and Well Written Essays - 1500 words - 1

Property law learning portfolio - Essay Example Equity law is supplemental to the Common law and could not stand alone according to The Origins of Equity (Maitland, F. W. 19080); however many rules and doctrines are based upon equity law like the rich law of estates, trusts, and mortgages. Equity law stands upon the judicial assessment of what is fair and just contrary to that of the strict and harsh ruling of the common law. One good example of this is the unjust enrichment which the common law does not recognize but it’s the legal relief developed by the equity courts (Duhaime L 2010). Duhaime Lloyd in Mistake, Rectification & Misrepresentation explains that when something went wrong with the agreement or the contract due to the misapprehension of one party in the contract, the contract is liable to equity. The one party who is not the one who made the mistake can ask for the contract to be set aside. If both of the parties made mistake in the basic element of their agreement the contract can be considered null and void. â€Å"Non Est Factum† is the Latin term being used that means â€Å"not this deed†, this is a defense used when one party does not want to respect the contract because of the misapprehension or mistake made in the contract. The very basic element of a contract is the meeting of the minds of both parties. The example of this is when Bob signed a contract with the understanding that Alan is buying his copy of the original Picasso painting yet Alan thought to be buying the original Picasso painting; there is a fundamental mistake here t hat warrants the contract to be considered null and void. â€Å"When both parties are mistaken on a basic and fundamental element of the contract: the contract is void from the start if the mistake is of such significance that, in the words of English case law, it is a "false and fundamental assumption" of the contract (R. v. Ontario Flue-cured Tobacco Growers, 1965). What is Trust when pertaining to legal matters? Trust is the