EQUITY AS A SOURCE OF LAW
Equity itself is derived from a Latin word which means Justice and egalitarianism. It is a system of
law which emanated in the English chancery and encompasses a formal body of indispensable and
procedural rules and doctrine, override common and statutory law. The law relating to equity is
largely based on precedent. Since, it is not viable on the part of the state to contrivance a
comprehensive code of law in order to supervise every eventuality.
Wherein, Law and Equity goes side by side. Equity is consequential in the legal world because men
and laws are fallible. A Court of Equity, Chancery Equity that is legally approved to apply the
principle of Equity, as opposed to the law, to cases brought before it. The principles and rules
emerging from the exercise of residuary powers, which forms the living source of the law of
the state. The system includes some portion of natural justice which is judiciary enforceable.
Equity under Indian Legal System
As a branch of the legal system Equity refers to the essence or rules arising from the
administration process of justice specifically in those cases where the areas are not
adequately covered by statute.
Equity besides supplements the law with quintessence of liberty and goodwill. In India, as a
matter of administration, there was never a well-developed Supreme court as most part of the
law for the application of the court is certified. There the court acts according to the principle
of equity, justice.
The Mohammedan law also partly lays down its origin from the principle of equity. Equity
and adequate ethics have also been expressly laid down with laws. The English laws also
contributed to the development of Equity in the jurisdiction of India. In India, the common
law doctrine of equity had been followed even after the independence.
The principle of law has been stated in various laws such as:
• The Specific Relief Act, 1877
• ➢ The Indian Trusts Act, 1882
• ➢ The Indian Succession Act,1925
• ➢ The Transfer of Property Act,1882
Equity will not be a wrong to be with or without a remedy:
➢ This maxim states that it is developed as common law which basically doesn’t lay down
any new remedies but it has only nominal damages.
Equality is equity:
➢ This maxim means that when two or more parties have their common interest but due to
some specific reason their interest has not been qualified, then the equity as a source may
divide their interest equally.
Injunctions: It is a type of remedy in which the court provides the certain law and order
which the parties are pressured to do or abstain from doing a certain specific task.
Specific performance: In this type of remedy, the court passes a statement to the parties in
order to fulfil certain tasks which are interlinked or already a part of a contract.
Recession: This remedy alternatively takes back the parties to their normal position as they
were in before entering the contract.
Rectification: In this type of remedy court orders to rectify or make certain changes in the
written document so that to reflect what is actually said on the first page.
Equity plays a crucial role in the justice delivery system. In the world of digitalization, almost
every organism is now familiar with the technological part, wherein the computers are the
best replacement for humans nowadays mainly from the position of judge, ‘feed the fact and
laws into it and getting a judgement with all accuracy’.
The importance of equity was greater emphasis than the common law system. During the
centuries it gained importance and became an integral part of an Indian legal system too.
There are certain acts which work through the principle of equity nowadays in India.