Week 7 | Difference between Common Law and Equity. Prevailing effect of law of equity.
Since the terms Common Law and Equity represent two branches or avenues of Law not created by legislation, we should get to know the difference between common law and equity. One understands Common Law to mean precedent or law created by decisions of the courts. Equity, on the other hand, is associated with the principles of fairness and equality. Although the tendency is to use the two terms synonymously, there are differences between the two that are more fully explained in the attached pdf file.