equity

noun ! Definition from Wiktionary (CC BY-SA). Pronunciation from Wiktionary, via Kaikki.org. More about equity at Wordnik → Where our words come from →

1. Fairness, impartiality, or justice as determined in light of "natural law" or "natural right".
2. Various related senses originating with the Court of Chancery in late Medieval England The power of a court of law having extra-statutory discretion, to decide legal matters and to provide legal relief apart from, though not in violation of, the prevailing legal code; in some cases, a court "sitting in equity" may provide relief to a complainant should the code be found either inapplicable or insufficient to do so. A right which accrues to a party in a transaction because of the nature of the transaction itself, and which is exercisable upon a change of circumstances or conditions; in other words, an equitable claim. The body of law which was developed in the English Court of Chancery, which Court had extra-statutory discretion, and is now administered alongside the common law of Britain.
3. The power of a court of law having extra-statutory discretion, to decide legal matters and to provide legal relief apart from, though not in violation of, the prevailing legal code; in some cases, a court "sitting in equity" may provide relief to a complainant should the code be found either inapplicable or insufficient to do so.