Equity
/ˈɛkwɪti/
Definitions
- (n.) The body of legal principles that supplements strict rules of common law to achieve fairness and justice.
The court applied equity to grant an injunction where legal remedies were inadequate.
- (n.) The value of ownership interest in property after deducting liabilities, especially in finance.
She has significant equity in her home after paying off the mortgage.
Related terms
See also
Commentary
Equity addresses situations where rigidity of law would produce injustice; it’s essential to distinguish equitable remedies from legal remedies in drafting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.