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noun, plural inequities for 2. 1. lack of equity; unfairness; favoritism or bias. 2. an unfair circumstance or proceeding. Origin of inequity. 1550-1560.
In law, an agreement imposed upon the parties by a court to establish legal equity. A quasi-contract is imposed when the parties should have signed a real contract, but did not, and therefore may find themselves in an inequitable situation.