Equity vs. Equality

Equity (noun)

Fairness, right”.

Equity (noun)

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.

Equity (noun)

A right which accrues to a party in a transaction because of the nature of the transaction itself, and which is exercisable upon a change of circumstances or conditions; in other words, an equitable claim.

Equity (noun)

Value of property minus liens or other encumbrances.

Equity (noun)

The body of law which was developed in the English Court of Chancery, which Court had extra-statutory discretion, and is now administered alongside the common law of Britain.

Equity (noun)

Ownership, especially in terms of net monetary value of some business.

Equity (noun)

Ownership interest in a company as determined by subtracting liabilities from assets.

Equity (noun)

A player’s expected share of the pot.

Equality (noun)

The fact of being equal.

Equality (noun)

The fact of being equal, of having the same value.

Equality (noun)

The equal treatment of people irrespective of social or cultural differences.