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Equity - Wikipedia, the free encyclopedia (1109 words) |
 | Equity comes into play typically when none of the parties to the dispute has done anything against the law, but their rights or claims are in conflict. |
| Indeed, one of the historic criticisms of equity as it developed was that it had no fixed rules of its own and each Lord Chancellor (who traditionally administered the courts of equity on behalf of the King) gave judgment according to his own conscience. |
| John Selden, an eminent seventeenth century jurist, declared, "Equity varies with the length of the Chancellor's foot." However, as time went on the rules of equity did lose their flexibility and from the 17th Century onwards equity was rapidly consolidated into a system of precedents much like its cousin Common Law. |
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