Which Are the Three Certainties That Are Necessary for the Creation
Which are the three certainties that are necessary for the creation of an express trust?
A) Intention to create a trust, agreement and consideration.
B) Intention to create a trust, plus certainty of the identity of the property and beneficiaries.
C) Intention to create a trust, consent of the beneficiaries and agreement of the trustee.
D) Consideration, knowledge on the part of the beneficiaries and certainty of duration.
Which of the following statements about a trading trust is NOT true?
A) Business information can remain private.
B) Assets can be protected from creditors.
C) Simple and cheap to establish.
D) Control of business assets can be maintained.
Which type of trust gives the trustee the power to choose the beneficiaries and the amounts to be paid to them?
A) Fixed trust.
B) Trading trust.
C) Discretionary trust.
D) Constructive trust.
In which type of trust is each beneficiary identified and given an equal share in the trust?
A) Implied trust.
B) Specific trust.
C) Fixed trust.
D) Resulting trust.