Etymology:
The word "equity" comes from the Latin word "aequitas," which means "fairness," "equality," or "impartiality."
Meaning:
In its legal sense, equity refers to the body of principles that supplement and modify the strict rules of common law. These principles aim to ensure fairness and justice in situations where the law is inadequate or would produce an unjust result.
Origin:
The concept of equity originated in English law in the 14th century. At the time, the common law courts were bound by rigid rules and procedures, which sometimes led to harsh or inequitable outcomes. To address this issue, the King's Council began to hear petitions for cases that could not be resolved by common law.
These petitions were heard by the Chancellor, who was an ecclesiastic and therefore had a background in canon law, which emphasized fairness and justice. The Chancellor decided cases based on the principles of conscience and natural justice, rather than the strict rules of common law.
Over time, the decisions of the Chancellor created a body of principles that became known as equity. These principles were gradually incorporated into the English legal system and continue to play a vital role in modern law.
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