Equity

n. 1) a venerable group of rights and procedures to provide fairness, unhampered by the narrow strictures of the old common law or other technical requirements of the law. In essence courts do the fair thing by court orders such as correction of property lines, taking possession of assets, imposing a lien, dividing assets, or injunctive relief (ordering a person to do something) to prevent irreparable damage. 


Common law jurisdictions have a system of law, which runs parallel to that of statutory law and
recorded judicial decisions, and seeks to ensure just and impartial treatment of any claim through a
particular set of remedies and associated procedures based on universal principles of what is right and
fair.


Equitable rights and equitable interests are cognisable by a court of equity,which possesses equitable power and can enforce them by means of equitable
remedies1. The two main equitable remedies are injunction2 and specific performance3. Both derive from the realisation that monetary damages (the
remedy most commonly awarded by the court of law) cannot provide a solution to all legal disputes.







Precedent

The precedent on an issue is the collective body of judicially announced principles that a court should consider when interpreting the law.


stare decisis (et non quieta movere)-   Let the decision stand  (and do not move that which is quiet)