Discuss the Principle of the Equity of Redemption as Developed

question 129

Essay

Discuss the principle of the equity of redemption as developed by the Court of Chancery,and indicate its importance in the field of mortgage law today.

---

Definitions:

Long-run Equilibrium

Long-run equilibrium occurs in a market when all producers and consumers have fully adjusted to any changes in the market conditions, with no excess supply or demand.

Economic Profits

The variance between total income and total expenses of a business, factoring in both clear and hidden costs.

Constant-cost Industry

An industry where input costs remain unchanged as industry output changes, leading to a flat supply curve.

Industry Supply

The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.