Law of Trusts – Page 5

BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

Question

There are different participants with different roles in trusteeship.

Required:
i. What is a trust?
ii. Identify the different participants using trusteeship terminologies in the situation below:
Ade instructed Segun to keep his Toyota car for the use of Tunde pending the return of Ade, who has just won a scholarship to study accountancy in a United Kingdom university.

Answer

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Tags: Beneficiary, Trust, Trust Terminologies, Trusteeship
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

Question

17. A will is said to be an ambulatory document because it
A. Is signed by two witnesses
B. Must have two executors
C. Takes effect after the death of the maker
D. Is written
E. Is prepared by a lawyer

Answer

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Tags: Ambulatory Document, Law of Trusts, Legal Terminology, Testamentary Documents, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2020

BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

Question

A trustee must not favour the interest of one beneficiary against the other. This is called the trustee’s duty of:

Answer

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Tags: Business Law, Trustee Duties, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

Question

Apart from certainty of words and certainty of subject matter, state the other certainty which is required for the creation of a trust.

Answer

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Tags: Business Law, Certainty, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2012

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

Question

In order to avoid being declared bankrupt, a debtor may assign substantially all his assets to a trustee by executing what is known as ………………………………

Answer

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Tags: Assignment of Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

Question

Any supplementary clause attached or referring to a Will with the object of adding or cancelling or altering the provisions of the Will is a …………………………………….

Answer

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Tags: Codicil, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

Question

The maker of a Will is called ………………………………

Answer

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Tags: Testator, Trust Law, Wills
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

Question

A written document by which a person called the Testator signifies his/her wishes on the distribution of his/her estate after his/her death is called:
A. Assignment
B. Will
C. Mortgage
D. Lease
E. Devolution

Answer

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Tags: Estate Planning, Testamentary, Will
Level: Level 1

Topic: Law of Trusts
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

Question

State any TWO certainties required for the creation of a valid trust.

Answer

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Tags: Certainties, Law of Trusts, Trusts
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

Question

What is the minimum number of persons who must attest a will as witness(es)?

Answer

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Tags: Attestation, Wills, Witnesses
Level: Level 1

Topic: Law of Trusts
Series: NOV 2012

BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

Question

The purposes of a charitable trust include
A. Advancement of education
B. Governance of private institutions
C. Public acceptance
D. Protection of Soliloquy
E. Security of tenure

Answer

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Tags: Charitable Trust, Legal Purposes, Nonprofit Organizations, Trust Law
Level: Level 1

Topic: Law of Trusts
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q5b – Law of Trusts

Explains the rights of a beneficiary in a trust under trust law.

Question

Trust is created for the benefit of named beneficiaries or objects.

Required:
Explain briefly THREE rights of a beneficiary of a trust. (6 Marks)

Answer

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Tags: Beneficiary Rights, Legal Rights, Trust Law, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAR/JULY 2020

BL – May 2016 – L1 – SB – Q4c – Law of Trusts

Briefly explain two types of equitable remedies available in business law.

Question

Equity develops from the harshness of common law.

Required:

Explain briefly TWO equitable remedies.

Answer

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Tags: Business Law, Equitable Remedies, Legal Principles
Level: Level 1

Topic: Law of Trusts
Series: MAY 2016

BL – May 2024 – L1 – SB – Q4c – Law of Trusts

This question tests candidates on the concept of conversion, particularly fraudulent intent with respect to money and misappropriation in criminal law.

Question

c. For the conversion of a movable thing to amount to stealing, the prosecution must prove a fraudulent intent.

i. Explain what the intent states concerning money.

(4 Marks)
ii. James promised to send some people to Canada on scholarship. He collected money from them for the purpose. He did not send them and did not refund the money on demand or within a reasonable time. Explain the liability of James, if any. (4 Marks)

(Total 8 Marks)

Answer

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Tags: Conversion, Criminal Law, Fraudulent Intent, Misappropriation, Stealing
Level: Level 1

Topic: Law of Trusts
Series: MAY 2024

BL – MAY 2016 – L1 – SB – Q3b – Law of Trusts

This question explains the concept of trust and highlights its various uses.

Question

Trust is created for the benefit of some other persons.

Required:
i. Explain the term “Trust.” (3 Marks)

ii. State THREE uses of Trust. (3 Marks)

Answer

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Tags: Beneficiaries, Legal Structure, Trust
Level: Level 1

Topic: Law of Trusts
Series: MAY 2016

BL – MAY 2016 – L1 – SA – Q20 – Law of Trusts

This question pertains to identifying who is granted Letters of Administration by the Probate Division of a High Court.

Question

The persons who are granted Letters of Administration by the Probate Division of a High Court are called
A. Executors
B. Executioners
C. Trustees
D. Administrators/Administratrix
E. Sheriffs of Court

Answer

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Tags: Legal Representation, Letters of Administration, Probate
Level: Level 1

Topic: Law of Trusts
Series: MAY 2016

BL – May 2015 – L1 – SB – Q6d – Law of Trusts

Enumerate two duties of a personal representative in the administration of an estate.

Question

Enumerate any TWO duties of a Personal Representative. (4 Marks)

Answer

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Tags: Administration of Estates, Personal Representative
Level: Level 1

Topic: Law of Trusts
Series: MAY 2015

BL – May 2015 – L1 – SA – Q20 – Law of Trusts

Identify what an equitable obligation to hold property for the benefit of others is called.

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

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Tags: Equitable Obligations, Trusts
Level: Level 1

Topic: Law of Trusts
Series: MAY 2015

Topic: Law of Trusts

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BL – Nov 2020 – L1 – SB – Q4a – Law of Trusts

Define trust and identify participants using trusteeship terminology.

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BL – Nov 2020 – L1 – SA – Q17 – Law of Trusts

Objective question on why a will is considered an ambulatory document.

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BL – May 2012 – L1 – SA – Q20 – Law of Trusts

Identify the duty that requires a trustee to act impartially.

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BL – May 2012 – L1 – SA – Q12 – Law of Trusts

Identify the certainty required for creating a trust.

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BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identifying the legal process where a debtor assigns assets to a trustee to avoid bankruptcy.

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BL – Nov 2011 – L1 – SA – Q14 – Law of Trusts

Identifying the document used to add, cancel, or alter provisions in a will.

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BL – Nov 2011 – L1 – SA – Q11 – Law of Trusts

Identifying the person who makes a will.

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BL – Nov 2011 – L1 – SA – Q16 – Law of Trusts

Identify the legal term for a written document outlining the distribution of a testator’s estate.

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BL – Nov 2012 – L1 – SA – Q20 – Law of Trusts

Identify two certainties required for the creation of a valid trust.

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BL – Nov 2012 – L1 – SA – Q19 – Law of Trusts

Identify the minimum number of persons required to witness a will.

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BL – May 2017 – L1 – SA – Q19 – Law of Trusts

Identifies which purpose is not a valid objective for a charitable trust.

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BL – March July 2020 – L1 – SB – Q5b – Law of Trusts

Explains the rights of a beneficiary in a trust under trust law.

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BL – May 2016 – L1 – SB – Q4c – Law of Trusts

Briefly explain two types of equitable remedies available in business law.

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BL – May 2024 – L1 – SB – Q4c – Law of Trusts

This question tests candidates on the concept of conversion, particularly fraudulent intent with respect to money and misappropriation in criminal law.

You're reporting an error for "BL – May 2024 – L1 – SB – Q4c – Law of Trusts"

BL – MAY 2016 – L1 – SB – Q3b – Law of Trusts

This question explains the concept of trust and highlights its various uses.

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BL – MAY 2016 – L1 – SA – Q20 – Law of Trusts

This question pertains to identifying who is granted Letters of Administration by the Probate Division of a High Court.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q20 – Law of Trusts"

BL – May 2015 – L1 – SB – Q6d – Law of Trusts

Enumerate two duties of a personal representative in the administration of an estate.

You're reporting an error for "BL – May 2015 – L1 – SB – Q6d – Law of Trusts"

BL – May 2015 – L1 – SA – Q20 – Law of Trusts

Identify what an equitable obligation to hold property for the benefit of others is called.

You're reporting an error for "BL – May 2015 – L1 – SA – Q20 – Law of Trusts"

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