Definition: A distinct source of law in the U.K. which developed alongside the common law and which is focused on fairness and natural justice. Cases were first dealt with by the Lord Chancellor and then by the Court of Chancery. Cases were decided on a case by case basis with the aim of achieving justice. Gradually equity developed certain principles and eventually the High Court of Justice was set up to deal with both common law and equity. Nowadays whilst the administration of common law and equity has fused, they remain two distinct areas of law.
Example: Damages are a common law remedy, in equity others were developed.
This word features in Episode 33 of the Study Legal English Podcast.