Equity Imputes An Intent To Fulfill An Obligation
Generally speaking, near performance of a general obligation will be treated as sufficient unless the law requires perfect performance, such as in the exercise of an option. Text writers give an example of a debtor leaving a legacy to his creditor equal or greater to his obligation. Equity regards such a gift as performance of the obligation so the creditor cannot claim both the legacy and payment of the debt.
Read more about this topic: Maxims Of Equity
Famous quotes containing the words equity, intent, fulfill and/or obligation:
“If equity and human natural reason were allowed there would be no law, there would be no lawyers.”
—Christina Stead (1902–1983)
“Still, it will sometimes strike a scientific man that the philosophers have been less intent on finding out what the facts are, than on inquiring what belief is most in harmony with their system.”
—Charles Sanders Peirce (1839–1914)
“Magic trick: to make people disappear, ask them to fulfill their promises.”
—Mason Cooley (b. 1927)
“Do not tell me ... of my obligation to put all poor men in good situations. Are they my poor? I tell thee, thou foolish philanthropist, that I grudge the dollar, the dime, the cent, I give to such men as do not belong to me and to whom I do not belong.”
—Ralph Waldo Emerson (1803–1882)