Explain the Purpose of a Court of Law and the Purpose

question 111

Essay

Explain the purpose of a court of law and the purpose of a court of equity.Explain why courts of equity evolved and identify who was involved in their creation.

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Definitions:

Compounded Monthly

Interest calculation method where interest is added to the principal sum each month, resulting in interest on interest.

12%

A percentage value often used to denote a rate, such as an interest rate or growth rate.

$50,000

A numerical monetary value, often used to indicate a specific amount in financial transactions.

8.4%

A percentage value, which could represent an interest rate, a portion, or a growth rate in various financial contexts.