Compare and contrast common law and equity.

The distinction between common law and equity is better understood when the history of the two are examined.
Common Law is the law of the land created by the judiciary. “According to Blackstone, the common law is that “ancient collection of unwritten maxims and customs which have ‘subsisted immemorially in this kingdom.” These principles are revealed by the courts of law “through experience in the rendering of judicial decisions.” Common law is therefore, the overall accumulation of judicial decisions known as case law.” (Emerson 2009, 7). The common law has been described as the law of the common people of England. It emerged as the product of a particular struggle for political power (Business Law, Kelly, Hayward, Hammer & Hendy pg. 5).
It can also be viewed as laws developed by judges through decisions of courts and similar tribunals that decide individual cases, as opposed to statues adopted through the legislative process or regulations issued by the executive branch. Within common law judges decisions are binding, just as other laws does, to ensure consistent treatment. In cases where parties disagree common law courts look to past precedential decisions of relevant courts. However if courts find that the case before hand is fundamentally different from previous cases, the judge have the authority and duty by law to set a precedent, which will become binding in future courts.
Common law can be traced back to rules developed by the royal courts after the Norman Quest in 1066. There was no legal system in the region, just a particular set of customs. In 1154 Henry II sent out judges all over England to resolve disputes, these judges would handle these disputes based on their understanding of the customs, and return to England to discuss their decisions with the other judges. These decisions were then recorded for future reference. Judges were then obliged to use these decisions from previous cases to make decisions on current case which were similar in facts and issues. This created precedent and brought about common law.
A new separate and distinct body of English law named Equity was created it was based on rules of conscience, fairness, flexibility and justice or what is morally just. Equity is based on a judicial assessment of fairness as opposed to the strict and rigid rule of the common law. Equity also states that whoever seeks equity must do equity meaning anyone who wants to be treated fairly must treat others fairly, equity regards substance rather than form meaning “equity is more concerned with fairness and justice than with legal technicalities.
If a judge’s decision, which is based on common law, was deemed unfair, complainants can still petition directly to the king—and the people did just that. However, because of the sheer number of appeals, the king eventually entrusted the responsibility to the Lord Chancellor.
The early Lord Chancellors were commonly churchmen for two reasons: first, they served as the king’s confessor and second, the clergy during the Middle Ages were among the few literate people in the land. Since the Chancellors were clergy and had no legal experience, they weren’t directed by precedent. They instead resolved cases according to fairness (i.e. "equity") and the natural law, rather than common law. The practice developed into a separate tribunal for the Lord Chancellor and later as the High Court of Chancery, and this is how equity came about.
Unlike equity the only solution by common law was to award money. If someone stole from you, the only compensation was money paid for whatever was taken, which wasn't always satisfactory, if your desire is to have your property returned. Monetary funds were also awarded for negligence and damages not only for stolen property. However, with equity and its fairness your property will be ordered to be returned to you. Common law and Equity were often at odds with each other because of their differing qualities and this caused courts to become lengthy in their proceedings because courts conflicted each other. England judicature acts later combined the common law and equity establishing that equity should prevail in the event of conflict. Common Law is a body of law based on precedent or court decisions.
Today most legal systems use both common law and equity. The courts will look to common law first and then equity as the second option. If there is no precedent, a court may consider factors such as existing statues, precedent from other countries and fairness (that being equity). Equity serves as a way to remedy the sometimes pronouncements of common law.