Equal vs Fair – What is the difference?

Today there are many reference to fair and equal, but do we really understand what these words mean? Do the politicians blasting their fair an equal message understand what they’re talking about?

In the most basic sense:

Fair = in accordance with the rules or standards; legitimate.

Equal = a person or thing considered to be the same as another in status or quality.

What do you think? Is being fair more important than being equal or is equality more important than fairness? Can both exist simultaneously?