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1.4 The Contemporary Contribution of Equity to English Law 15 harshness of the Common Law, to enable the mortgagor to redeem the mortgaged prop erty having repaid the loan to the mortgagee. Secondly, where the defendant represented to the claimant that the latter would obtain an interest in land and, in reliance on that representation, the claimant acted to their detriment, Equity would fashion a remedy to satisfy the expectations of the claimant by means of the doctrine of proprietary estoppel. Here, Equity could create an interest in property because of the defendant’s unconscio nable conduct in reneging on their representation. 85 Third, where a couple have cohabited and the property is registered in the name of one of them, if the relationship ends, Equity will provide the party who does not have registered title with an interest in the family home by means of a common intention constructive trust. 86 1.4.5 Commercial law Equity has been especially influential in the development of modern commercial law, 87 and has a growing role in the commercial sphere. 88 For example, Equity recognizes that there are certain relationships that are characterized as relationships of trust and confi dence, in which one party, known as the ‘principal’, is dependent on another, known as the ‘fiduciary’. 89 The fiduciary is expected to be loyal to the principal and to maintain the highest standards of behaviour in looking after the principal’s interests. Failure to main tain these standards will mean that the fiduciary is liable to the principal for breach of duty. A wide variety of relationships have been characterized as fiduciary, and many of them are relevant in the commercial world. So, for example, an agent owes fiduciary duties to their principal, a director owes fiduciary duties to their company, and solicitors are in a fiduciary relationship with their clients. Equity has also proved to be significant in the recognition of a variety of security interests, such as the floating charge 90 and the lien 91 to secure a debt owed to the claimant. There is, however, significant concern amongst some judges and commentators that Equity has overreached itself as regards its impact in commercial transactions and also that the need for certainty in the commercial world is being undermined by the uncer tainty of Equity. 92 This can be avoided if equitable principles are formulated with clarity and specificity. 93 1.4.6 Equitable remedies and orders Equity has had a profound influence on the development of English law by virtue of its remedial jurisdiction. One of the most significant contributions of Equity to the remedial arsenal is through the creation of the injunction to make the defendant act or refrain from acting in a particular way. 94 Today, the authority to grant injunctions is statutory, 95 whereby the court may grant an injunction where it appears to the court to be just 96 and © Oxford University Press 85 Thorner v Major [2009] UKHL 18, [2009] 1 WLR 776. See Section 10.4.3, p. 347. 86 Curran v Collins [2015] EWCA Civ 404, [2015] Fam Law 780. See Section 10.2.4(i), p. 330. 87 See Yip, ‘The Commercial Context in Trust Law’ [2016] Conv 347 and Yip and Lee, ‘The Commercialisation of Equity’ (2017) 37 LS 647 for analysis of the relevance of the commercial context to the development of trust law and Equity. 88 Briggs, ‘Equity in Business’ (2019) 135 LQR 567. 89 See further Section 15.2, p. 468. 90 Snell’s Equity (n 37), ch. 40. 91 See further Section 19.5.2, p. 642. 92 Briggs (n 88). 93 Ibid., 584. 94 See generally Snell’s Equity (n. 37), ch. 18. 95 Senior Courts Act 1981, s. 37(1). 96 AB v CD [2014] EWCA Civ 229, [2015] 1 WLR 771, [33] (Ryder LJ).

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