In law, equitable means just, fair, and right, focusing on fairness and good faith rather than strict legal rules. This can refer to a general principle of fairness or to the legal system of equity, which provides remedies beyond monetary damages, such as an order for a party to fulfill a contract. Equitable solutions aim for a just outcome based on the specific circumstances of each case.
Key aspects of the legal definition:
Fairness and justice: At its core, equitable principles are about what is fair and just in a given situation, as opposed to rigid adherence to the letter of the law.
Distinction from strict law: The concept comes from a historical division between "law" and "equity" courts. A case can have both legal and equitable claims. Legal claims typically seek monetary damages, while equitable claims seek other types of remedies.
Equitable relief: This refers to remedies a court can order to ensure a just outcome when money is not a sufficient solution.
Examples include:
Specific performance: A court order requiring a party to perform their obligations under a contract.
Injunctions: A court order requiring a party to either do or stop doing something.
Context-dependent: What is equitable is determined by weighing the specific facts and circumstances of a case. For example, the division of marital property in a divorce is based on "equitable distribution," which means a fair, but not necessarily equal, division.