In legal terms, what does "equity" refer to?

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In legal terms, "equity" refers to a set of legal principles that provide remedies based on fairness, as opposed to strictly adhering to the letter of the law. It originated as a separate system of justice in England to address situations where the rigid application of common law would lead to unjust outcomes. Equity allows courts to consider the individual circumstances of a case and apply principles that take into account fairness and justice, thus enabling judges to issue remedies that may not be strictly provided for under common law. This flexibility can include actions such as injunctions or specific performance, which aim to achieve a fair result in legal disputes.

Understanding equity is crucial because it plays a significant role in balancing the application of laws with the need for fairness in legal proceedings.

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