What makes a situation fair is the balance of risks and rewards for all parties involved.
The official definition for the word fair is to treat people equal, without discriminating against any party involved. In my opinion, this is a valid definition, I believe that fairness is when all parties involved share the same risks and receive the same rewards.
However, this is not a concept that can be defined so simply. There are situations in which it would be unfair to give equal rewards, perhaps in the case that one party provided more work or effort than others.
There are many everyday examples of fairness, some may be:
etc.
This is why in my opinion, though there are situations where this definition may change, fairness is balancing the risks and the benefits for all parties involved in a given situation.
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