(a)  ‘Equity’ consists of rules of law that were developed with particular reference to notions of justice and fairness.

(b)  Rules of equity were originally administered in England by separate ‘courts of equity’ but rules of equity are now available to all courts, both in England and in Australia.

(c) ‘Equity’ is only an historical concept: the courts no longer draw on or apply ‘rules of equity’ when deciding modern cases.