Rules and regulations are important for the smooth flow of daily work and for maintaining a strict routine for everyone. Rules and regulations are there everywhere, and they are present even in large organisations and as well as small organisations.
Now, law and equity are huge terms in the world of law. Law means the body of rules that a particular government regulates. Equity, conversely, means a set of rules that follow the natural law and equality in terms of fairness.
Key Takeaways
- The law refers to rules and principles that govern human behavior, enforced by a government or other governing authority.
- Equity, conversely, refers to a set of legal principles that focus on fairness and justice in individual cases.
- The main difference between law and equity is that law is concerned with enforcing rules, while equity is concerned with achieving a fair outcome in individual cases.
Law vs Equity
A set of rules established by a government or other authority to govern a society is referred to as law. Equity refers to a set of principles that supplement or override the application of the law to achieve a just outcome in a specific case.
Both these are common terms used by lawyers and courts because they have a significant meaning. So, it is important to know how they are different from each other.
Comparison Table
| Parameters of Comparison | Law | Equity |
|---|---|---|
| Definition | Law means the body of rules that is controlled by a government of a particular country. | Equity, on the other hand, means a set of rules that accompanies natural laws and equality in terms of fairness. |
| Settling of a Case | In a court of law, the jury hears an ongoing case and makes the judge and then the decision. | In equity, only the judge hears and settles the case all by himself/herself. |
| Monetary damages | Law court can order monetary damages | Equity court does not order monetary damages. |
| Writs and Injunctions | Law courts order writs | Equity court order injunctions. |
What is Law?
Law means a body of rules that the government of a particular country controls. Law is present everywhere, right from large organisations to the whole country. Remember that the law of a company and the law of a country might not be the same.
The law of India is huge because of its diversity. However, if everything is legal and everyone follows the rules and regulations of the country, then there should be no problem for that person.
It is considered a punishable act if a person does not act according to the laws or follow the rules.
People who do not obey a country’s laws or rules are punished and are known as criminals. Law means how you should treat each other and live peacefully with each other. No mischievous act should be done to harm others because that means you are going against the law.
The government controls the laws created in a country, but they are enforced by the courts. The aim of creating laws is for people to live a harmonious life and freedom.
Well, freedom does not mean conducting unfair means. There are laws for everything and also in every area. Suppose there is a marriage dispute; then the Family court pr family laws come in.
Similarly, there will be laws if you commit a certain crime, say, suppose theft; then certain actions will be taken against you according to the laws. Now, laws might not be the same for every country because every country has got its government.
What is Equity?
Equity, conversely, is a set of rules that follows natural law and fairness. Equity goes way back that was developed in a court in England. The concept of equity was designed to maintain strict rules and regulations.
Equity law meant to treat everyone equally; thus, a set of rules was created so that everyone who deserves justice and fairness gets that in court. Equity law is said to follow natural law.
Earlier, when there used to be cases then, whenever a decision made was unfair, then the defendant could have had the chance to appeal to the King of England.
The King would then transfer the responsibility to the chancellor. Nobles and clergymen were considered chancellors then, and lawyers were later appointed as chancellors.
So you can understand now where the equity set of rules is used. Well, it is used whenever there is a disagreement about a certain decision, then the set of equity laws used to be applied. In an equity court, there is only a judge, and the judge decides by hearing the case.
Main Differences Between Law and Equity
- Law means a body of rules controlled by the government and enforced by a court of a particular country, whereas equity means a set of rules that follows the natural law and equality in terms of fairness.
- In an equity court, only a judge will listen to the case and then make the judgement, whereas, in a law court case, there is a jury and a judge present to hear the case.
- In the law court, the law can order writs, while equity, on the other hand, can only order injunctions.
- In a court of law, the monetary penalty can be ordered for the defendant, whereas in equity, the defendant has to give back whatever he/she has taken from the other person.
- Monetary damages are not ordered in the equity law.
- https://academic.oup.com/ojls/article-abstract/22/1/1/1429378
- https://papers.ssrn.com/sol3/papers.cfm?abstract_id=209312
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Emma Smith holds an MA degree in English from Irvine Valley College. She has been a Journalist since 2002, writing articles on the English language, Sports, and Law. Read more about me on her bio page.
