Ex aequo et bono is a fancy Latin phrase that means "according to what is fair and good." Imagine you and your friend are playing with some toys, and you both want to play with the same toy at the same time. You don't want to fight over it, and neither does your friend. So, you decide to come up with a fair solution. You can use ex aequo et bono to figure out what to do.
First, you need to think about what is fair. Is it fair for one person to hog the toy while the other person waits around? No, that wouldn't be right. Is it fair for one person to always get their way every time? That wouldn't be fair either.
So, you need to come up with a plan that's fair for both you and your friend. Maybe you take turns playing with the toy. Or, maybe you both play with it together in different ways.
This is the idea behind ex aequo et bono. It's a way of finding a solution that's fair and good for everyone involved. It's a way of being respectful and kind to others while still getting what you want.