difference between law and equity
The differences between common law and equity Common law evolved over time as a judge made law (according to doctrine of precedent.) In common law the king was the head of the government. Common law was the law administered by the royal courts and as such a more standardised set of rules based on customary law was gradually enforced throughout the whole of England and countries derived from England. E.g. Australia, Canada New Zealand and the United States.
My definition for equity is: the situation when the ratio between the value that any individual in the society creates and the domain that he/she controls equals to the ratio between the value that any other individual in the society creates and the domain that any other individual controls.