Equity and Trusts Evening Test 1 UPDATED ACTUAL
QUESTIONS AND CORRECT Answers
What is Equity? Equity is based on conscience - The "best thing to do"
Equity and the Common Law Where a conflict between equity and the common law exists, equity often
prevails.
What is a trust? A trust is an equitable obligation under which the trustee has control of the
trust property and is bound to deal with that property for the benefit of the
beneficiaries or for another intended purpose.
QUESTIONS AND CORRECT Answers
What is Equity? Equity is based on conscience - The "best thing to do"
Equity and the Common Law Where a conflict between equity and the common law exists, equity often
prevails.
What is a trust? A trust is an equitable obligation under which the trustee has control of the
trust property and is bound to deal with that property for the benefit of the
beneficiaries or for another intended purpose.
