Definition of "equity"
equity
/ˈɛk.wɪ.ti/
noun
countable and uncountable, plural equities
(law) Various related senses originating with the Court of Chancery in late Medieval England
(law) 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.
(nonstandard) Equality