Explain the doctrine of equity with reference to contracts

What will be an ideal response?

Equity is a doctrine that permits judges to make decisions based on fairness, equality, moral rights, and natural law. Equity is resorted to when 1. an award of money damages "at law" would not be the proper remedy or 2. fairness requires the application of equitable principles. Today, in most states of the United States, the courts of law and equity have been merged into one court. In an action "in equity," the judge decides the equitable issue; there is no right to a jury trial in an equitable action. The doctrine of equity is sometimes applied in contract cases.