Definition Equity In Law
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The word equity has the following meanings.
Definition equity in law. Law a branch of law that developed alongside common law and is concerned with fairness and justice formerly administered in special courts. Equity is also used to describe the money value of property in excess of claims liens or mortgages on the property. For example as per the company policies managers should use equity in dealing with subordinate employees. In law the term equity refers to a particular set of remedies and associated procedures involved with civil law.
A legal definition from the oxford dictionary describes equity as a branch of law that developed alongside common law and is concerned with fairness and justice formerly administered in special courts. These equitable doctrines and procedures are distinguished from legal ones. Equity can be broadly described as being just or fair whereas the legal meaning of the term equity refers to the rules determined to mitigate the severity of the common law rules and those issues that are not be covered under the common law jurisdiction. The separate body of law developed in the court of chancery which supplements corrects and controls the rules of common law.
While legal remedies typically involve monetary damages equitable relief typically refers to injunctions specific performance or vacatur. The judicature reforms in the 1870s effected a procedural fusion of the two bodies of law ending their institutional separation. The body of principles constituting what is fair and right or the natural law it could refer to fairness impartiality or evenhanded dealing. If there is any conflict between the principles of common law and equity equity prevails.
The reforms did not effect any substantive fusion however. Justice according to fairness especially as distinguished from mechanical application of rules prompted by considerations of equity comity between nations and equity require it to be paid for f. Legal definition of equity 1 a. As a legal system it is a body of law that addresses concerns that fall outside the jurisdiction of common law.
Equity can be defined as of equité fair even.
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