What is the definition of equity according to law?

Overview. In law, the term “equity” refers to a particular set of remedies and associated procedures involved with civil law. These equitable doctrines and procedures are distinguished from “legal” ones. A court will typically award equitable remedies when a legal remedy is insufficient or inadequate.

What is an example of equity in law?

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.

What is equity in Canadian law?

Conclusion. The law of equity is as important in Canadian law as statute law and common law. It operates to provide equitable relief when there is a recognizable right but no remedy under the common law. The law of equity has developed over centuries to provide equitable doctrines and equitable maxims.

What is the principle of equity?

Equity proceeds in the principle that a right or liability should as far as possible be equalized among all interested. In other words, two parties have equal right in any property, so it is distributed equally as per the concerned law.

What is the meaning of equity in law?

Equity Law and Legal Definition. The word Equity has the following meanings: It could refer to fairness, impartiality or evenhanded dealing. For example as per the company policies managers should use equity in dealing with subordinate employees.

What does equity mean in the International Court of Justice?

In a narrower and more technical meaning, equity refers to the power conferred on the International Court of Justice (ICJ) under Art. 38 (2) Statute of the International Court of Justice , or on other international courts and tribunals , to decide a case ex aequo et bono , ie without being required to apply rules…

How is intergenerational equity related to international law?

19 The principle of intergenerational equity should not be confused with the very different doctrine of intertemporal law in international law. Intertemporal law primarily relates to the legal criteria for the validity of actions in the present to legal criteria in the past in order to judge the validity of claims.

Who is the author of equity in international law?

Published under the auspices of the Max Planck Foundation for International Peace and the Rule of Law under the direction of Rüdiger Wolfrum. 1 Equity is a polymorphous concept even in the narrow confines of legal language.

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