Which of the Following Is Correct with Respect to the Law

question 105

Multiple Choice

Which of the following is correct with respect to the law of equity?

• A) Equity no longer exists; the courts were merged.
• B) "Equity" means fairness in our legal system.
• C) The Court of Equity was one of the original common law courts along with the court of king's bench and the court of the exchequer.
• D) "Equity" refers to the body of law created by the Courts of Chancery.
• E) "Equity" refers to the amount still owing on a debt.

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Definitions:

Equitable Income Distribution

The goal of achieving a more fair and just allocation of income among all members of society, reducing income inequalities.

Efficiency

The optimal use of resources to achieve the desired output with minimum waste or expense.

Economic Role

The function or position a person, company, or thing occupies within an economic system, contributing to the system's overall operation.

Federal Level

Pertaining to the national government, as opposed to state, local, or municipal levels of governance.