Definition Of Equity Doctrine
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The word equity has the following meanings.
Definition of equity doctrine. As a legal system it is a body of law that addresses concerns that fall outside the jurisdiction of common law. The judicature reforms in the 1870s effected a procedural fusion of the two bodies of law ending their institutional separation. As a legal system it is a body of law that addresses concerns that fall outside the jurisdiction of common law. In law the term equity refers to a particular set of remedies and associated procedures involved with civil law.
The doctrine of equity was created to fill in the gaps of common law by providing more flexible remedies unlike common law which only provide damages such as injunction specific performance equitable estoppel etc. The reforms did not effect any substantive fusion however. The body of principles constituting what is fair and right or the natural law it could refer to fairness impartiality or evenhanded dealing. Equity only governed by the maxims where it is based on the principles of fairness and conscience and are not as strict as common law.
Body of law called equity is a direct result of injustice caused by the application of common law and it is based on two principles that are fairness and conscience. These equitable doctrines and procedures are distinguished from legal ones. Equity in its broadest sense equity is fairness. In its broadest sense equity is fairness.
While legal remedies typically involve monetary damages equitable relief typically refers to injunctions specific performance or vacatur. Originally the courts of equity followed the broad notion of natural justice and differed from the common law courts in that equity did not have fixed rules or strictly apply the doctrine of precedent applying or following previous case law to determine the result in the case at bar. Equity is also used to describe the money value of property in excess of claims liens or mortgages on the property. For example as per the company policies managers should use equity in dealing with subordinate employees.
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