Some time ago a U.S. businessman leaned across the lunch table and asked me in confidential tones what “equity” meant in contract phrases like “claims arising in law or in equity.”

Some time ago a U.S. businessman leaned across the lunch table and asked me in confidential tones what “equity” meant in contract phrases like “claims arising in law or in equity.” I wrote the short piece below for any businesspersons or non-U.S. lawyers who have wondered the same thing (but were afraid to ask).