Key Features

Question 1

The characteristics of Equity are described in..?

Answer 1

Maxims

Question 2

Equity will not suffer…

Answer 2

A wrong to be without a remedy

Question 3

Equity follows…

Answer 3

The law

Question 4

Equity corrects…

Answer 4

The law where the law is unjust

Question 5

When the equities are equal,

Answer 5

The first in time prevails

Or

The law prevails

Question 6

He who seeks…

Answer 6

Equity must do equity

Question 7

He who comes to equity

Answer 7

Must come with clean hands

Question 8

Equity assists..

Answer 8

The diligent not the tardy

Question 9

Equity is..

Answer 9

Equality

Question 10

Equity looks to

Answer 10

The intent, rather than the form

Question 11

Equity looks on that

Answer 11

As done which ought to be done

Question 12

Equity imputes..

Answer 12

An intention to fulfil an obligation

Question 13

Equity acts..

Answer 13

In personam

Question 14

An example of a common law claim is?

Answer 14

Breach of contract

Question 15

An example of an Equity claim is?

Answer 15

Breach of trust

Question 16

Remedies for negligent fraud in common law are? (3)

Answer 16

Damages, common law tracing and money had and received

Question 17

Remedies for tracing property and claiming property in insolvency in Equity are? (10)

Answer 17

Compensation, equitable tracing, specific performance, injunction, rescission, rectification, imposition of constructive trusts or resulting trusts, subrogation and account

Question 18

Give a brief (3 step) history of the Trust

Answer 18

Birth of use, abolition of most uses, revival of the use

Question 19

The settlor is?

Answer 19

The absolute owner who transfers the legal title to the Trustee and the Equitable title to the beneficiary

Question 20

List the 8 characteristics of a trust

Answer 20

A trust is equitable, an obligation, it binds the trustee, concerns property either tangible or intangible, it is for the benefit of a person, its beneficiary may enforce it, for charitable purposes it’s enforceable by attorney general, and exceptionally it may be for non-charitable purposes

Question 21

A Trust is where..

Answer 21

One or more parties hold and can deal with the legal title of property on behalf of somebody else

Question 22

Why is the legal title sometimes referred to as the paper title?

Answer 22

The actual benefits of the property belong to whoever the trustee is holding the legal title for

Question 23

Typically trusts were for families, who else are the prevalent for today?

Answer 23

Pension funds and charities

Question 24

Can a trustee be a beneficiary?

Answer 24

Yes

Question 25

What does the beneficiary own?

Answer 25

The actual value of the property

Question 26

Usually the beneficiary controls..

Answer 26

The actions of the trustee

Question 27

What is a Fiduciary?

Answer 27

A relationship where one person reposes trust and confidence in another for that other to manage his/her affairs

Question 28

What is the classic example of a fiduciary?

Answer 28

The relationship between a trustee and a beneficiary

Question 29

What is a contemporary example of a fiduciary?

Answer 29

Company directors and companies

Question 30

What is the common expression that is interchangeable with beneficiaries?

Answer 30

Objects of the trust

Question 31

Trustees ownership is..? The beneficiary's interest is..?

Answer 31

Legal Beneficial/ Equitable/ proprietary

Question 32

If A asks T to hold a property on trust for his underage children, what kind of trust is this?

Answer 32

Express trust

Question 33

What does s53 (1)(b) of the Law and Property Act 1925 stipulate?

Answer 33

That trusts of land have to be evidenced in writing

Question 34

A/B purchase a house in joint names and contribute equally to the purchase. The house is conveyed solely in A's name. What is A, what is this situation called and why?

Answer 34

A is both trustee and beneficiary Resulting trust Because B's beneficial ownership results back to B

Question 35

A asks B to hold a house on trust for C, but doesn't comply with prescribed statutory formalities. B fraudulently tries to claim house for his own. What can the courts do to rectify this?

Answer 35

Impose a constructive trust on B, ensuring C is the beneficial owner

Question 36

What is a conveyance?

Answer 36

The formal transfer of property, usually used in connection with land

Question 37

What's is a charitable trust?

Answer 37

Trust used to control property for purpose the law seems to be charitable in nature

Question 38

Who is the Attorney-General?

Answer 38

In equity/trust sense, the person designated to control charitable trusts

Question 39

What's a Disposition?

Answer 39

A transfer of property

Question 40

What's an assignment?

Answer 40

Transfer of property that is usually of intangible value

Question 41

What's a testamentary disposition?

Answer 41

Property left by will

Question 42

What's a Devise?

Answer 42

Land left by will

Question 43

What's a Testamentary trust?

Answer 43

Trust created by a deceased person

Question 44

What's a executor/executrix?

Answer 44

Person named in will in whom the legal title is vested until the property under the will is distributed by way of trust or gift

Question 45

What's an administrator/administratrix?

Answer 45

When no one is named in the will they fulfil the same function as an executor

Question 46

What's an intestate succession?

Answer 46

Where no will is left and the disposition of the property is administered under the inheritance act 1975 and subsequent legislation

Question 47

What governs trust law?

Answer 47

Statutory formalities

Question 48

What's a Donee?

Answer 48

The recipient of a gift

Question 49

What is it called when a living person creates a trust?

Answer 49

Inter vivos trust

Question 50

What are Common law actions?

Answer 50

Personal rights to action (usually sue) for relief from the courts if there has been a breach of a common law right

Question 51

How do proprietary rights affect insolvency?

Answer 51

Bankrupt person can be sued by creditors (property to secure creditors) but property right will prevail above all others

Question 52

What can a beneficiary under a trust usually do in the event of insolvency?

Answer 52

Establish a property right, rights in rem

Question 53

What does real property consist of?

Answer 53

Land

Question 54

What is personal property?

Answer 54

Anything other than land

Question 55

What is tangible property?

Answer 55

Physical property

Question 56

What is non-physical property?

Answer 56

Intangible property

Question 57

An intangible property like the ownership of a right to sue is known as..?

Answer 57

Chose in action

Question 58

One who is sui juris is..?

Answer 58

Of full legal and mental capacity

Question 59

What are covenants?

Answer 59

Common law contracts which are legally binding because, in the absence of consideration, they comply with the formalities prescribed by the law of property

Question 60

Are covenants binding in equity?

Answer 60

No

Question 61

Why are Equitable remedies unlike common law actions?

Answer 61

They are discretionary in nature

Question 62

Someone who has not provided consideration for a contract is a..?

Answer 62

Volunteer

Question 63

What is specific performance?

Answer 63

An order of the court of equity to compel performance of a contract where there has been consideration given and the subject matter of the contract is unique goods

Question 64

What is Latin for the fact that agreements should be upheld?

Answer 64

Pacts sunt servanda

Question 65

What's the Latin for the fact no man can obtain a better legal title?

Answer 65

Nemo dat quod non habet

Question 66

What is equity's darling?

Answer 66

The bona fide purchaser for value of a legal estate without notice

Question 67

What's the Latin for ownerless property?

Answer 67

Bona vacantia

Question 68

What is the name for the division between a capital assets and income derived therefrom?

Answer 68

Life and remainder interests

Question 69

What is an estoppel?

Answer 69

Where a person is stopped from going back on a promise or representation on which another has relied in the absence of formalities supporting the promise or representation and where it would be inequitable to do be allowed to resile on promise or representation

Question 70

If something is contrary to the established Equitable jurisdiction, what is it?

Answer 70

Inequitable

Question 71

What shocks the conscience of the court of equity?

Answer 71

Unconscionability and unconscionable conduct

Question 72

If A leaves 3 houses by will on trust for 2 people what must the trustee do and what is this called?

Answer 72

Sell the houses and divide the proceeds Proceeds of sale

Question 73

What is a common law wife?

Answer 73

A misnomer

Question 74

What is perpetuity?

Answer 74

A period of time on which for policy reasons the law will not allow property to be outside the general circulation of the economy

Question 75

What is the academic terminology that denotes land and real property?

Answer 75

Blackacre and whiteacre

Question 76

What is a residuary estate?

Answer 76

Any property that is undisposed of after a number of special gifts on death