Origins of Equity

Origins of equity
Before we go any further with our discussion of equity, let me explain that when we use the phrase 'the common law and equity', we are employing a specialised sense of the word equity. Indeed, in many publications you will find the words capitalised : Common Law and Equity.
In its general or everyday sense, equity means 'fairness' or 'justice.' However, as used in the present context, equity refers to a particular set of principles that are the product of one set of English courts. The principles of equity had quite a different origin from the rules of common law. These principles were developed by the Lord Chancellors of the King in response to petitions from people dissatisfied, for one reason or another, with the decisions of the courts established by the King (i.e. the Courts of Common Pleas, Exchequer and King's Bench), which were applying the common law, as we have already seen. The Lord Chancellor, who in medieval times was the principal adviser and minister ...