Podcast
Questions and Answers
What is the main focus of principles of equity?
What is the main focus of principles of equity?
- Achieving justice not available at common law (correct)
- Being resistant to change over time
- Ignoring the conscience of property owners
- Providing inconsistent guidelines for judges
What is the underlying intention of the principles of equity?
What is the underlying intention of the principles of equity?
- To promote unfair decisions
- To favor the legal owner of property
- To enforce rigid rules regardless of circumstances
- To achieve justice beyond common law (correct)
Which term best describes the nature of equity principles?
Which term best describes the nature of equity principles?
- Immutable and unchanging
- Biased and discriminatory
- Flexible and adaptable (correct)
- Rigid and inflexible
What do the maxims of equity serve as?
What do the maxims of equity serve as?
What does the maxim 'Delay defeats equity' imply?
What does the maxim 'Delay defeats equity' imply?
What does the maxim 'Equity will not assist a volunteer' signify?
What does the maxim 'Equity will not assist a volunteer' signify?
What is the primary focus of equity in the context of agreements?
What is the primary focus of equity in the context of agreements?
In the context of a trust, who has the legal ownership and manages the property for the benefit of another?
In the context of a trust, who has the legal ownership and manages the property for the benefit of another?
What type of interest does a beneficiary hold in a trust?
What type of interest does a beneficiary hold in a trust?
Which of the following is NOT considered a type of property?
Which of the following is NOT considered a type of property?
Who is responsible for enforcing the trust obligations to ensure the beneficiary receives the benefits?
Who is responsible for enforcing the trust obligations to ensure the beneficiary receives the benefits?
Which role is responsible for creating a trust that becomes effective upon their death?
Which role is responsible for creating a trust that becomes effective upon their death?
What type of trust involves a trustee holding assets for the benefit of members of a club or association?
What type of trust involves a trustee holding assets for the benefit of members of a club or association?
What is the main purpose of placing assets in a trust for the purpose of collective investment schemes?
What is the main purpose of placing assets in a trust for the purpose of collective investment schemes?
Which of the following is not a category of people on whom fiduciary duties are imposed?
Which of the following is not a category of people on whom fiduciary duties are imposed?
What is the basis for the legal owner's conscience requiring him to carry out the purposes for which the property was vested in him in the case of a trust?
What is the basis for the legal owner's conscience requiring him to carry out the purposes for which the property was vested in him in the case of a trust?
What is the main purpose of a pension trust?
What is the main purpose of a pension trust?
What is the basis for the legal owner's conscience requiring him to carry out the purposes for which the property was vested in him in the case of a constructive trust?
What is the basis for the legal owner's conscience requiring him to carry out the purposes for which the property was vested in him in the case of a constructive trust?
What is the significance of a beneficiary's interest in a trust?
What is the significance of a beneficiary's interest in a trust?
What type of third party will not be bound by a trust?
What type of third party will not be bound by a trust?
What are the requirements for a purchaser to be considered 'equity’s darling'?
What are the requirements for a purchaser to be considered 'equity’s darling'?
What are the two ways for a settlor to create an express trust?
What are the two ways for a settlor to create an express trust?
What happens when the owner of an asset declares that they hold the asset for the benefit of someone else?
What happens when the owner of an asset declares that they hold the asset for the benefit of someone else?
What happens when a settlor transfers property to trustees on trust?
What happens when a settlor transfers property to trustees on trust?
What is the nature of the court order in a specific performance remedy?
What is the nature of the court order in a specific performance remedy?
Which of the following is not a type of injunction?
Which of the following is not a type of injunction?
What must the claimant seeking rectification evidence?
What must the claimant seeking rectification evidence?
Which remedy does not require a valid and enforceable contract?
Which remedy does not require a valid and enforceable contract?
Which of the following is not a requirement for a court to order specific performance?
Which of the following is not a requirement for a court to order specific performance?
Which of the following is a true statement about equitable remedies?
Which of the following is a true statement about equitable remedies?