In principle, equity attempts to prevent a defendant from acting in a conscienceless manner against the victim which the common law would otherwise allow the defendant to do so in certain circumstances. The Courts of Equity steps in to stop the wrongdoer from taking advantage of the rights of another person. Equity, thus protects the underlying right of the victim and also imposes a remedy which both compensates the victim for any consequential loss and prevents the defendant’s wrongdoing. The value judgment as to what constitutes good and bad conscience in any given situation constitutes the source of equity. Equity has been developed, mainly in relation to the contexts of trade and family. Equity provided for the means of resolving disputes which arose out of commercial activity but which the common law failed to manage. Most of the core principles of equity, therefore, pertained to the avoidance of transactions procured by means of fraud and similar means. Equity is founded upon numerous fundamental principles. These principles prescribe that people should behave reasonably towards one another and the values which the law should bear in mind when reaching its decisions. Some of the principles are: Equity will not suffer a wrong without a remedy, Equity follows the law, where there is equal equity, the law shall prevail and so forth.
