CICM Business Law Practice Questions - CICM Level 3 - Business Law Exam

Equity developed to mitigate the rigidity of the common law, and under the Judicature Acts, where equity and common law conflict, equity prevails. Common law developed after equity to replace equitable remedies with monetary damages in all commercial disputes. Common law and equity are completely separate court systems today with separate judiciary structures created under the Senior Courts Act 1981. Where equity and common law conflict, the common law principle strictly prevails under section 49 of the Senior Courts Act 1981.