Formation[ edit ] At common law, the elements of a contract are offer, acceptance, intention to create legal relations, and consideration. Not all agreements are necessarily contractual, as the parties generally must be deemed to have an intention to be legally bound.
Ancient examples[ edit ] A possible early concept which later developed into what today is understood as a trust related to land. An ancient king settlor grants property back to its previous owner beneficiary during his absence, supported by witness testimony trustee.
In essence and in this case, the king, in place of the later state trustor and holder of assets at highest position issues ownership along with past proceeds to the original beneficiary: On the testimony of Gehazi the servant of Elisha that the woman was the owner of these lands, the king returns all her property to her.
From the fact that the king orders his eunuch to return to the woman all her property and the produce of her land from the time that she left This was created by later common law jurisdictions.
Personal trust law developed in England at the time of the Crusadesduring the 12th and 13th centuries. In medieval English trust law, the settlor was known as the feoffor to uses while the trustee was known as the feoffee to uses and the beneficiary was known as the cestui que use, or cestui que trust.
At the time, land ownership in England was based on the feudal system. When a landowner left England to fight in the Crusades, he conveyed ownership of his lands in his absence to manage the estate and pay and receive feudal dues, on the understanding that the ownership would be conveyed back on his return.
However, Crusaders often encountered refusal to hand over the property upon their return. Unfortunately for the Crusader, English common law did not recognize his claim.
As far as the King's courts were concerned, the land belonged to the trustee, who was under no obligation to return it. The Crusader had no legal claim. The disgruntled Crusader would then petition the king, who would refer the matter to his Lord Chancellor.
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The Lord Chancellor could decide a case according to his conscience. At this time, the principle of equity was born. The Lord Chancellor would consider it "unconscionable" that the legal owner could go back on his word and deny the claims of the Crusader the "true" owner.
Therefore, he would find in favour of the returning Crusader. Over time, it became known that the Lord Chancellor's court the Court of Chancery would continually recognize the claim of a returning Crusader. The legal owner would hold the land for the benefit of the original owner and would be compelled to convey it back to him when requested.
The Crusader was the "beneficiary" and the acquaintance the "trustee". The term "use of land" was coined, and in time developed into what we now know as a trust. Significance[ edit ] The trust is widely considered to be the most innovative contribution of the English legal system.
Trusts are widely used internationally, especially in countries within the English law sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under the Hague Convention on the Law Applicable to Trusts and on their Recognition partly only the extent that they are parties thereto.
The Hague Convention also regulates conflict of trusts. Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds in certain countries essentially always trusts and mutual funds often trusts.
The uses of trusts are many and varied, for both personal and commercial reasons, and trusts may provide benefits in estate planningasset protectionand taxes. Living trusts may be created during a person's life through the drafting of a trust instrument or after death in a will. In a relevant sense, a trust can be viewed as a generic form of a corporation where the settlors investors are also the beneficiaries.
This is particularly evident in the Delaware business trust, which could theoretically, with the language in the " governing instrument ", be organized as a cooperative corporation or a limited liability corporation, : One of the most significant aspects of trusts is the ability to partition and shield assets from the trustee, multiple beneficiaries, and their respective creditors particularly the trustee's creditorsmaking it " bankruptcy remote ", and leading to its use in pensions, mutual funds, and asset securitization  as well protection of individual spendthrifts through the spendthrift trust.
Terminology[ edit ] Chart of a trust Appointer: This is the person who can appoint a new trustee or remove an existing one. This person is usually mentioned in the trust deed.
In trust law, "appointment" often has its everyday meaning. It is common to talk of "the appointment of a trustee", for example. However, "appointment" also has a technical trust law meaning, either: The trustee's right to do this, where it exists, is called a power of appointment.
Sometimes, a power of appointment is given to someone other than the trustee, such as the settlor, the protector, or a beneficiary. This is the legal term used to imply that an entity is acting as a trustee.
A beneficiary is anyone who receives benefits from any assets the trust owns. This term refers to the fact that the trustee is acting on its own behalf. A protector may be appointed in an express, inter vivos trust, as a person who has some control over the trustee—usually including a power to dismiss the trustee and appoint another.
The legal status of a protector is the subject of some debate.A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.
Contract law recognises and governs the rights and duties arising from agreements. In the Anglo-American common law, formation of a contract generally requires an offer, acceptance, consideration, and a mutual intent to be bound.
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GT Legal is dedicated to the highest quality in all the work we do. As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.
Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from grupobittia.com