Equity

Equity refers to the principle of fairness and justice in the way people are treated, particularly in legal contexts. It is often contrasted with “law” which can be rigid and fixed. Equity seeks to provide remedies that are more flexible and aimed at achieving fairness, rather than strictly adhering to the letter of the law.

Equity originated in the English legal system, where individuals could petition the King for justice in cases where common law did not provide an adequate remedy. Over time, the Court of Chancery was established to address these petitions, leading to a body of law known as equity.

Examples of equity include:

• Injunctions: A court order preventing someone from doing something (e.g., stopping a company from polluting a river).
• Specific Performance: An order requiring a party to fulfill their contractual obligations (e.g., a seller bEINg ordered to complete the sale of a unique piece of property).

Notable cases include:

• Chappell v. Nestlé: This case highlighted the importance of equitable principles in contract law, determining the validity of a contract based on fairness rather than strict legal interpretation.
• Waltons Stores (Interstate) Ltd v. Maher: This case involved equitable estoppel, where a party was prevented from going back on a promise that another party relied on to their detriment.