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What is Equity? The term Equity was derived from the Latin word 'Aequitas', which generally means equality, fairness or even. In a broad sense, Equity means natural justice, what is moral and ethical, which has to be fair and just. The Dictionary of law by L.B. Curzon provided that Equity is a system of doctrines and procedures which developed side by side with the common law and statute law, having originated in the doctrines and procedures evolved in the Court Of Chancery in its attempts to remedy some of the defects of common law. Equity therefore assists the law where it is defective and weak and when enforcing the law would cause hardship and injustice. Equity came into being as a reaction to the rigid laws that made up common law became too technical that it became inadequate and was in danger of losing its function to uphold justice. A royal...

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