Equity Definition Legal Term

The judicature reforms in the 1870s effected a procedural fusion of the two bodies of law ending their institutional separation.

Equity definition legal term. 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. Law a branch of law that developed alongside common law and is concerned with fairness and justice formerly administered in special courts. 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. While legal remedies typically involve monetary damages equitable relief typically refers to injunctions specific performance or vacatur.

The reforms did not effect any substantive fusion however. Equity is based on a judicial assessment of fairness as opposed to the strict and rigid rule of common law. The second great branch of english law. A supplement to the common law.

The word equity has the following meanings. If there is any conflict between the principles of common law and equity equity prevails. Legal definition of equity 1 a. Equity was the name given to the law which was administered in the court of chancery.

These equitable doctrines and procedures are distinguished from legal ones. For example as per the company policies managers should use equity in dealing with subordinate employees. Overview in law the term equity refers to a particular set of remedies and associated procedures involved with civil law. The body of principles constituting what is fair and right or the natural law it could refer to fairness impartiality or evenhanded dealing.

Equity is also used to describe the money value of property in excess of claims liens or mortgages on the property.