‘A Student’s Guide to the Meanings of “Equity” ’

equity, n.

  1. The recognition of an exception to a general rule.
  2. A moral reading of the law.
  3. The doctrines and remedies developed in the English courts of equity, especially the Court of Chancery.

Equity is a slippery word, and hard to grasp. What makes it so slippery is its long history, and the many uses to which the word has been put. In legal usage, there are at least three different meanings for this word.