- 1 Marks
Question
An equitable obligation which imposes a duty on a person to hold property for the benefit of others is called
A. Equity
B. Trust
C. Agency
D. Hire purchase
E. Administration
Answer
Answer: B
Explanation:
The correct answer is “B. Trust.” A trust is an equitable obligation where a trustee holds and manages property for the benefit of others (beneficiaries). The trustee has a legal obligation to act in the best interest of the beneficiaries.
- Tags: Equitable Obligations, Trusts
- Level: Level 1
- Topic: Law of Trusts
- Series: MAY 2015
- Uploader: Kwame Aikins