Equity in law refers to a particular body of law that developed in the English Court of Chancery with the general purpose of providing legal remedies for cases where the common law is inflexible and cannot fairly resolve the disputed legal matter). Equity is a field of law separate from common law, with its own unique rules and principles, and was administered by courts of equity). The tradition of equity begins in antiquity with the writings of Aristotle and with Roman law). Later, in civil law systems, equity was integrated into the legal rules, while in common law systems, it became an independent body of law).
In modern practice, the biggest distinction between law and equity is the remedies each offers. In a civil lawsuit, the court will award monetary damages, however, equity was formed when monetary damages could not adequately deal with the loss. An example of this is if someone is infringing on a trademark of yours, you can get monetary damages for the loss, but your business could be ruined if they continue. Equity is the additional solution that allows a court to tell another person to stop doing something via an injunction, among other things.
Equitable remedies are distinguished from legal remedies. While legal remedies typically involve monetary damages, equitable relief typically refers to injunctions, specific performance, or vacatur. A court will usually award equitable remedies when a legal remedy is insufficient or inadequate. For example, courts will generally award equitable relief for a claim which involves a particular or unique piece of real estate, or if the plaintiff requests specific performance.
The distinction between law and equity arose in England where there were separate courts of law and courts of equity. Following this pattern in America, some states created chancery courts which deal only with equitable relief. In other states, the courts of common law were empowered to exercise equity jurisdiction. Today, separate courts of chancery have largely been abolished, as the same court that may fashion a legal remedy has the power to prescribe an equitable one.
