Emergency brake
The emergency brake was originally intended for one particular emergency and that was "no other way to stop", as was the case when the footbrake suddenly failed due to a loss of hydraulic pressure or other issue. Drivers had to respond when brakes failed, so they were expected to learn how to stop a speeding vehicle using the emergency brake alone. Safety regulations became almost universal by 1980, so modern brake systems are very reliable, using dual-circuit hydraulics and more recently low-brake-fluid sensors.[4] As modern brakes no longer cause emergencies in normal contexts (a brake warning light comes on after the first sign of trouble)[citation needed], it is no longer necessary for the average driver to learn to use this brake for emergencies.
Some drivers benefiting from the "park" function on their automatic transmissions do not use this brake at all (daily use of the parking brake is recommended, to ensure it does not seize up). After a lack of recent braking emergencies, automakers stopped using the term and started referring it by its other use, the "parking brake", even though the ability to function at a high speed was still there.
On an increasing number of modern vehicles, the parking brake can only be engaged when the vehicle is at a stop, and they no longer have an emergency brake.
The emergency brake in some cars is completely mechanical; that is, by pulling the lever, the driver pulls a cable, which in turn causes the brake shoes inside a drum brake to press against the cylinder. In a car with a completely mechanical emergency brake, the driver would be able to apply the brake even if there was a complete loss of hydraulic pressure and a stopped engine (which would mean that there would be no power braking).
https://en.wikipedia.org/wiki/Parking_brake