(b) That's wrong. 

You were asked to select the incorrect statement.

It is incorrect to say that equity is only an historical concept.  The courts still draw on or apply ‘rules of equity’ when deciding modern cases.

It is correct to say that equity consists of rules of law that were developed with particular reference to notions of justice and fairness.

It is correct to say that 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.

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