Equity (law)

Equity is a body of legal principles and remedies developed to supplement or temper strict legal rules. It emphasizes fairness through remedies such as injunctions and trusts.

Injunction: A court order requiring a party to do a specific act or refrain from doing one. Equity can prevent threatened harm when monetary damages would not suffice.
Court of Chancery: The English court that administered equity separately from the common-law courts. Its decisions and procedures formed equity as a distinct system of justice.
Legal remedy: Relief granted under law, commonly an award of monetary damages. Equitable relief is generally considered when this remedy is inadequate.
Constructive trust: A court-imposed remedy treating a holder of property as a trustee for another's benefit. It prevents a party from retaining property obtained or held through wrongful conduct.
Fusion of law and equity: The procedural or institutional combination of common-law and equitable jurisdiction within the same courts. Modern courts often hear both forms of claim, while debates persist about whether their doctrines merged.
Specific performance: A remedy ordering a party to perform a contractual obligation. Equity may enforce a promise when damages cannot provide an adequate substitute.
Lord Chancellor: A senior English official who historically advised the monarch and presided over the Court of Chancery. Chancellors shaped equitable principles through decisions and petitions for relief.
Equitable remedy: A non-monetary court remedy, such as an injunction, specific performance, or rescission. These remedies are the practical means through which equity operates.
Unjust enrichment: A legal principle requiring restoration when someone unfairly benefits at another's expense. Equitable restitution addresses benefits that strict contract rules cannot adequately explain.
Discretionary remedy: A remedy a court may grant or withhold after considering governing principles and circumstances. Equitable relief remains discretionary, distinguishing it from remedies available as of right.

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