What does "equity" in the context of law refer to?

In the context of law, "equity" specifically refers to principles of justice and fairness that complement the strict application of legal statutes. It emerged as a system of remedies provided by the courts to address situations where the rigid application of law would cause an unjust outcome. Equity allows judges to use their discretion to make decisions based on what is fair and just in individual circumstances, often involving remedies such as injunctions, specific performance, or equitable estoppel, rather than merely monetary damages.

The focus on justice and fairness is what distinguishes equity from other legal principles, allowing it to address cases where the legal remedies provided under law might not adequately prevent harm or deliver true justice. This concept is essential in the legal system for ensuring a more holistic approach to justice, where outcomes can be tailored to the complexities of individual situations.