* not completed

. Which of the following statements most closely describes what John Selden meant when he described the nature of equity as akin to the length of 'a Chancellor's foot'?

Equity responds to the individual facts of cases rather than applying general rules. correct incorrect

Equity was governed by the religious morality of the times. correct incorrect

Equity was subject to the subjective standards of each new Chancellor. correct incorrect

Equity operates in a discretionary manner. correct incorrect

* not completed

. The position of Lord Chancellor was originally held by which type of person?

The King's courtiers correct incorrect

Military commanders correct incorrect

Religious officials correct incorrect

Queen's Counsel correct incorrect

* not completed

. Which of the following creates a discretionary trust?

To my trustee to hold for my niece Jia I give £100,000 should she pass her exams. correct incorrect

To my trustee I give £100,000 to hold for such of my nieces Jia, Jane, and Julie, as they, at their absolute discretion, shall select to benefit. correct incorrect

To my trustee I give £100,000 to hold for Jane for life then to Jia. correct incorrect

To my trustee I give £100,000 to divide between my nieces Jia, Jane, and Julie. correct incorrect

* not completed

. Which of the following statements is true?

A protective trust is a type discretionary trust. correct incorrect

A beneficiary who is sui juris can end a protective trust. correct incorrect

If a protective trust ends then the property is held on a fixed trust. correct incorrect

Section 33 Trustee Act 1925 simplified the process for setting up a protective trust. correct incorrect

* not completed

. Which of the following items of property do not satisfy the test for certainty of subject matter?

£20,000 correct incorrect

One of my yachts correct incorrect

40% of my shares in the Royal Bank of Scotland correct incorrect

All the Bordeaux wine in my cellar correct incorrect

* not completed

. Which of the following statements best expresses the ratio of Re London Wine Co [1986]?

Unsegregated goods will not satisfy the test for certainty of subject matter. correct incorrect

Intangible goods cannot be held on trust. correct incorrect

A trust of part of a bulk of tangible property can only satisfy the test for certainty of subject matter if all the property that makes up the bulk is identical. correct incorrect

A trust of part of a bulk of tangible property will satisfy the test for certainty of subject matter if that part is separated from the rest. correct incorrect

* not completed

. Equity will perfect an imperfect gift under the principles in Strong v Bird [1874] LR 18 Eq 313. Which statement is correctly stating the requirements under the rule in Strong v Bird?

The transferee must take control of the gift and be a beneficiary under a will. correct incorrect

The transferor must have the intention to give the property when they die and the transferee must be the executor of the transferor's will. correct incorrect

The transferor must have an intention to give immediately; that intention must continue unchanged until death and the intended transferee must be the executor or personal representative under the transferor's will. correct incorrect

The person must intend to make a gift which is in contemplation of death, conditional on death and there is actual or constructive delivery of the property. correct incorrect

* not completed

. Which is the correct authority to say that delivery for a donatio mortis causa over unregistered land can be the handing over of the relevant title deeds?

Re Lillingston [1952] 2 All ER 184 correct incorrect

Woodard v Woodard [1995] 3 All ER 980 correct incorrect

Re Dillon 1890 correct incorrect

Sen v Headley [1991] Ch 425 correct incorrect

* not completed

. Which statement correctly states the exception to s53 (1) (c) LPA 1925 identified in Vandervell v IRC 1960?

When the owner of a beneficial interest under a trust, who is sui juris, directs the trustee to transfer the legal title to a third party, intending that at the same time the equitable title also transfers to the same third party, there is no need to comply with s53 (1) (c) LPA 1925. correct incorrect

There are no exceptions to the requirements of s53 (1) (c). correct incorrect

When the owner of a beneficial interest under a bare trust, who is sui juris and absolutely entitled, directs the trustee to hold the beneficial interest for a third party there is no need to comply with s53 (1) (c) LPA 1925. correct incorrect

When the owner of a beneficial interest under a bare trust, who is sui juris and absolutely entitled, directs the trustee to transfer the legal title to a third party, intending that at the same time the equitable title also transfers to the same third party, there is no need to comply with s53 (1) (c) LPA 1925. correct incorrect

* not completed

. What principle of law could you take from the case of Grainge v Wilberforce (1889) 5 TLR 436?

The case illustrates that equitable interests cannot be held on trust. correct incorrect

The case illustrates that in creating a sub-trust where the original beneficial owner retains some control over that property this is not a disposition of an equitable interest. However, if they have not control it is effectively a disposition and should comply with s53 (1) (c). correct incorrect

The case illustrates that in creating a sub-trust it is not a disposition of an equitable interest which would need to comply with s53 (1) (c). correct incorrect

The case illustrates that in creating a sub-trust where the original beneficial owner retains some control over that property this is still a disposition of an equitable interest and should comply with s53 (1) (c). correct incorrect

* not completed

. Which of the following trusts will be charitable?

The residue of my estate is to be dedicated to the support of activities which are charitable or beneficial to residents of Dinas Powys. correct incorrect

£100,000 to support poor asylum seekers and their families and to campaign for the abolition of detention centres in the UK. correct incorrect

£200,000 to help organize and encourage volunteering in Barry. Money should be set aside each year to pay for an annual dinner for community leaders to help develop stronger relationships and communication between different volunteering organizations. correct incorrect

£150,000 to provide guitar lessons for children living in Cheltenham, on the understanding that my own children and my family's children shall be guaranteed access to these lessons. correct incorrect

* not completed

. Which of the following statements about the public benefit requirement is untrue?

Every charitable trust must satisfy the public benefit in the second sense. correct incorrect

The public benefit requirement varies from purpose to purpose. correct incorrect

Every charitable trust must satisfy the public benefit in the first sense. correct incorrect

An assessment of the public benefit can consider indirect benefits to the public. correct incorrect

* not completed

. How has the Perpetuities and Accumulations Act 2009 altered the rules on perpetuities?

It states that property must not be held on trust for more than 80 years. correct incorrect

It has extended the period from a life in being plus 21 years to a period of 80 years when the trust is held to see if it can be validated by vesting within that period. correct incorrect

In relation to the rule on inalienability is has extended the period from a life in being plus 21 years to a period of 125 years when the trust is held to see if it can be validated by vesting within that period. It does not affect the rule on remoteness of vesting. correct incorrect

In relation to the remoteness of vesting is has extended the period from a life in being plus 21 years to a period of 125 years when the trust is held to see if it can be validated by vesting within that period, for trusts created after 6^th April 2010 It does not affect the rule on inalienability. correct incorrect

* not completed

. Which statement most closely states the rule on inalienability?

Property left for a purpose cannot be applied for a period more than a life in being plus 21 years. correct incorrect

Property must vest in a person within a life in being plus 21 years. correct incorrect

Property left for a purpose cannot be applied for more than 21 years. correct incorrect

Property must be given away to a charity at the end of the perpetuity period. correct incorrect

* not completed

. When must a fully secret trust be communicated?

It must be communicated at the same time as the will. correct incorrect

Anytime before the will is created. correct incorrect

Anytime before the testator's death. correct incorrect

Anytime before the will is read. correct incorrect

* not completed

. What principles can be taken from the case of Moss v Cooper (1861) 4 LT 790?

That communication can be by an agent and acceptance can be by silence. correct incorrect

That communication can be by an agent. correct incorrect

Acceptance can be by silence. correct incorrect

That communication can be in a sealed envelope. correct incorrect

* not completed

. How did the courts distinguish Tribe v Tribe [1996] Ch 107 from the decision in Tinsley v Milligan (1993)?

The court said that as the relationship was father to son the principle did not apply. correct incorrect

The court held that the property was shares and therefore the illegality of purpose was less relevant. correct incorrect

The father did not need to rely on his intended purpose as there was a presumption of resulting trust. correct incorrect

The father had withdrawn from the illegal purpose before it was completed so he could rely on evidence of his intention in transferring the property. correct incorrect

* not completed

. What are the two types of constructive trust over a family home identified in Lloyds Bank v Rosset?

Express Common Intention and Inferred Common Intention correct incorrect

Express and Implied trusts correct incorrect

Constructive and Resulting correct incorrect

Common intention and implied correct incorrect

* not completed

. The Variation of Trusts Act 1958 gives the court the power to provide consent for the variation of a trust for certain types of beneficiaries. For which of the following beneficiaries would the court be able to provide consent?

1 - Miriam, a 78 year old beneficiary of a trust who suffers from advanced Alzheimer's disease.
2 - Adult cousins living in Mali, whose precise whereabouts are unknown
3 - The unborn children who hold the remainder interest in a trust.
4 - A brother who disagrees with the rest of the beneficiaries about a proposed variation.
5 - Whoever marries Serena (14).

2, 3, and 4 correct incorrect

1, 2, and 3 correct incorrect

3, 4, and 5 correct incorrect

1, 3, and 5 correct incorrect

* not completed

. A trust has been established under which the children of the settlor's son, Ben and Corinne, will benefit. Both are minors. Which of the following arrangements would not be approved by the court?

A variation to reduce the tax liability of the children when they become entitled. correct incorrect

A variation to defer their entitlement from the age of 21 to 25, in order that they are sufficiently mature. correct incorrect

A variation to reduce Ben's interest in favour of Corinne, as she is severely disabled and will require greater financial support throughout her life. correct incorrect

A variation to remove Ben and Corinne as beneficiaries and replace them with Molly and Neil, the children of the settlor's daughter. correct incorrect

* not completed

. Tara is an artist. From the beginning of her career, she has worked closely with Amie, the owner of a fashionable art gallery in London. In exchange for a 10% commission, Amie promotes the sale of Tara's work through her gallery and has worked closely with Tara on the pricing of her work. In 2019, Tara wins a prominent art prize and her profile (as well as the value of her work) greatly increases. In 2020, Tara delivers a new collection of 15 paintings to be sold by Amie through her gallery. Amie is flooded with inquiries, and soon all but one of the paintings is sold. Amie receives many requests to purchase the final painting but one particular collector, Paul, offers to double the value of her commission if Amie agrees to sell him the painting. She agrees and receives an extra 10% on the purchase price from Paul, which she deposits in her personal account. She does not inform Tara.

One month later, Amie spots a small bronze sculpture by a new young artist, Gloria, and uses the money she received from Paul to purchase it for herself. The next week, she learns that Gloria has died. Following her death, Gloria's sculptures triple in value. Unable to contain her excitement, Amie opens several bottles of champagne in celebration. Unfortunately, when she is drunk, she tells her assistant about how she acquired the money to purchase Gloria's art. Her assistant is horrified and informs Tara who demands that Amie hands over the sculpture to her.

How would you advise Amie?

As the money received did not belong to Tara, you may keep the sculpture. correct incorrect

You have made a secret profit and therefore, you must pay Tara the extra 10% commission you received from Paul. correct incorrect

Tara must sue Paul for the extra money paid to you, but you must make up the difference between that and the current value of the sculpture. correct incorrect

As a fiduciary, you hold any secret profit, including any increase in its value, on constructive trust for Tara. correct incorrect

* not completed

. Which of the following statements about ethical investment policies is incorrect?

Trustees must avoid ethical investments as they are not in the best interests of beneficiaries. correct incorrect

Charitable trusts should invest ethically as this is for the benefit of the public. correct incorrect

The trustees may take into account the strong ethical views of their beneficiaries. correct incorrect

The trustees' own ethical viewpoints can be taken into account as part of their assessment of the suitability of an investment. correct incorrect

* not completed

. What is the standard of care expected by a trustee?

Section 1 Trustee Act 2000. correct incorrect

At common law it is the reasonable prudent man; Speight v Gaunt and can be found in statutory form for certain duties in s1 Trustee Act 2000. correct incorrect

Speight v Gaunt (1883) 9 App Cas1. correct incorrect

The standard of care is to take advice at all times in making decisions, under Trustee Act 2000. correct incorrect

* not completed

. Which is the correct authority to illustrate that losses by one breach cannot be compensated by profits made in another breach; the issue of causation?

Speight v Gaunt (1883) 9 App Cas1e correct incorrect

Styles v Guy (1849) 19 LT Ch 185 correct incorrect

Target Holdings Ltd v Redferns [1995] 3 All ER 785 correct incorrect

Re Pauling's Settlement Trusts [1964] Ch 303 correct incorrect

* not completed

. Why was specific performance granted in Sky Petroleum v VIP Petroleum [1974] 1 All ER 954?

Because there had been a breach of contract to supply petrol. correct incorrect

Because the petrol was unique. correct incorrect

Because the claimant wanted that petrol in particular. correct incorrect

Because, although petrol is not in itself unique, during the petrol shortage the claimant could not obtain petrol from an alternative supplier. correct incorrect

* not completed

. Why would the court not award specific performance in Co-operative Insurance Society Ltd v Argyll Stores Ltd [1988] AC 1?

Because the service was not unique. correct incorrect

Because damages would be adequate. correct incorrect

Because the order would need constant supervision, meaning the court would have to keep enforcing the order. correct incorrect

Because it would be contrary to human rights to enforce a personal service. correct incorrect