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Which of the following statements is correct in relation to equity?
(i) Equity was developed by the Court of Chancery
(ii) Equitable maxims were developed by lawyers
(iii) In the event of a conflict between equity and the common law, equity prevails
Suggested Answer: B
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45 comments · newest first
RE
Reid
11 months ago
I thought lawyers had a bigger role in developing equitable maxims.
PE
Pearline
11 months ago
(i) and (iii) are correct, but (ii) is a stretch.
LA
Lauryn
12 months ago
Wait, so equity always wins over common law? That seems a bit much!
MI
Milly
12 months ago
Totally agree, but I think equitable maxims were shaped by judges too.
LA
Lashawnda
12 months ago
Equity was indeed developed by the Court of Chancery.
WH
Whitley
1 year ago
I feel like (i) and (iii) are definitely correct, but I'm not entirely convinced about (ii) being true.
BE
Bea
1 year ago
I'm a bit uncertain about statement (ii). Did we cover who exactly developed the equitable maxims?
AV
Avery
1 year ago
I think I practiced a question similar to this, and I recall that when there's a conflict, equity does prevail over common law.
PO
Pok
1 year ago
I remember that equity was indeed developed by the Court of Chancery, but I'm not sure about the maxims being developed by lawyers.
TE
Teri
1 year ago
This question is tripping me up a bit. I'm not entirely sure about the relationship between equity and common law. Maybe I should review my notes on the history and development of the equity system. I don't want to guess and risk getting it wrong.
PA
Pansy
1 year ago
Okay, let me see. I know equity was developed by the Court of Chancery, and that equitable maxims were developed by lawyers. I think the key here is that in the event of a conflict, equity prevails over common law. I'll go with option (C).
ST
Stephaine
1 year ago
Hmm, I'm a bit unsure about this one. I remember learning something about equity and the Court of Chancery, but I can't quite recall the details. I'll have to think this through carefully.
AN
Antonio
1 year ago
This question seems pretty straightforward. I'm pretty confident I know the answer, but I'll double-check my notes just to be sure.
JA
Jarod
1 year ago
Okay, I've got this. The plot that shows Cook's D by observation is the one that identifies influential data points, so I'll go with that.
PA
Paris
1 year ago
I think the answer might be A, the on-demand usage listener. It sounds like what they would use to track consumption.
DE
Delmy
1 year ago
Hmm, this seems like a tricky one. I'll need to think through the key principles of business architecture to figure out the right answer.
AR
Aracelis
1 year ago
This is a good question, and I feel confident I can tackle it. Based on my understanding of audit best practices, I believe option B is the most comprehensive approach to ensuring support for the audit function.
AL
Alline
1 year ago
Equity? More like 'equi-what?' Am I right, folks? Anyway, I'm going to go with (D) just to be safe. Can't go wrong with all three statements, right?
CY
Cyndy
1 year ago
In the event of a conflict between equity and common law, equity prevails. So (D) is the correct answer.
MA
Maurine
1 year ago
Equitable maxims were also developed by lawyers, so (D) seems like the right choice.
RE
Renea
1 year ago
I'm going with (D) as well, covering all the statements.
MO
Mollie
1 year ago
I agree, it was developed by the Court of Chancery.
ST
Stephania
1 year ago
I agree, it was developed by the Court of Chancery.
MI
Michel
1 year ago
I think equity is all about fairness and justice.
CA
Carli
1 year ago
I think equity is all about fairness and justice.
SH
Shawna
1 year ago
This question is a piece of cake! Equity and the Court of Chancery, that's basic stuff. I'm going with (A) because it's the simplest option.
AL
Alison
1 year ago
User 3: I think (A) is the correct answer too. It's straightforward.
AR
Arlette
1 year ago
User 2: Yeah, (A) seems like the right choice. It's the simplest one.
PR
Providencia
1 year ago
User 1: I agree, this question is easy. I'm also going with (A).
LA
Lavina
1 year ago
I can't believe they're asking about equity on this exam! It's like they're trying to trick us. But yeah, (i) and (iii) are correct, so I'll go with (C).
TE
Terrilyn
1 year ago
Yeah, it's definitely a challenging question. I'm going with (C) as well.
DE
Delisa
1 year ago
I remember learning about equity in class. I believe (i) and (iii) are correct, so (C) is the best choice.
GE
Germaine
1 year ago
I agree, it does seem like a tricky question. I think (C) is the correct answer.
LE
Lemuel
2 years ago
I'm pretty sure all three statements are correct. Equitable maxims were developed by lawyers, and equity prevails over common law in case of a conflict. Option (D) has to be the right answer.
AN
Annamae
2 years ago
I believe the correct answer is (C) (i) and (iii) only, because equity prevails in case of conflict with common law.
DE
Devon
2 years ago
Equity was definitely developed by the Court of Chancery, so (i) has to be correct. I'm not sure about the other statements though.
DO
Dominga
1 year ago
I think (i) and (iii) might be correct then.
DO
Dominga
1 year ago
I agree, equity was developed by the Court of Chancery.
AD
Adrianna
1 year ago
I think (i) and (iii) are correct then, since equity prevails over common law.
LU
Luis
1 year ago
I agree, equity was indeed developed by the Court of Chancery.
GI
Gilbert
2 years ago
I agree with Gregoria, equity was developed by the Court of Chancery.
GR
Gregoria
2 years ago
I think the correct statement is (i) only.
NA
Natalie
2 years ago
But I remember learning that equity was developed by the Court of Chancery, so I think (i) and (iii) only is correct.
SH
Sherron
2 years ago
I disagree, I believe it's (i) and (ii) only.
NA
Natalie
2 years ago
I think the correct statement is (i) only.