EQUITY, in jurisprudence, is defined a correction or qualification of the law, generally made in that part wherein it faileth or is too severe. It likewise signifies the
the extension of the words of the law to cases unexpressed, yet having the same reason; so that where one thing is enacted by statute, all other things are enacted that are of the same degree. For example, the statute of Glouc. gives action of waste against him that holds lands for life or years; and by the equity thereof, a man shall have action of waste against a tenant that holds but for one year, or one half-year, which is without the words of the act, but within the meaning of it; and the words that enact the one, by equity enact the other. So that equity is of two kinds. The one abridges and takes from the letter of the law; the other enlarges and adds to it: and statutes may be construed according to equity, especially where they give remedy for wrong, or are for expedition of justice. Equity seems to be the interposing law of reason, exercised by the lord chancellor in extraordinary matters to do equal justice; and by supplying the defects of the law, gives remedy in all cases. See CHANCERY.