FE-1 Equity

Question 1

On what basis does equity traditionally act on the conscience of a defendant in Irish law?

Accepted Answer

Personal conscience and the prevention of unconscionable conduct

Answer

Common law precedent

Answer

Statutory authority

Answer

Constitutional rights under Bunreacht na hÉireann

Question 2

Which of the three certainties required for a valid express trust concerns whether the settlor truly intended to create a binding trust rather than a mere moral obligation?

Accepted Answer

Certainty of intention

Answer

Certainty of subject matter

Answer

Certainty of objects

Answer

Certainty of form

Question 3

Under the Statute of Frauds (Ireland) 1695, which type of trust must be evidenced in writing and signed by the settlor?

Accepted Answer

Express trust of land

Answer

Resulting trust

Answer

Constructive trust

Answer

Charitable trust

Question 4

The rule in Knight v Knight (1840) established that a valid express trust requires certainty of intention, certainty of subject matter, and which third certainty?

Accepted Answer

Certainty of objects

Answer

Certainty of form

Answer

Certainty of consideration

Answer

Certainty of duration

Question 5

What is the effect of the rule in Saunders v Vautier (1841) as applied in Irish trust law?

Accepted Answer

Beneficiaries who are sui juris and collectively hold the entire beneficial interest may collapse the trust and demand the property

Answer

Trustees may vary trust terms without court approval

Answer

Courts may modify trust terms whenever it is just and equitable

Answer

A settlor retains a right to revoke any trust created by them

Question 6

Which equitable doctrine prevents a party from asserting strict legal rights over property where they have made an assurance upon which another has detrimentally relied?

Accepted Answer

Proprietary estoppel

Answer

Subrogation

Answer

Rectification

Answer

Account of profits

Question 7

A 'Quistclose trust', derived from Barclays Bank Ltd v Quistclose Investments Ltd [1970], arises where money is lent for a specific purpose that fails. What type of trust is then imposed?

Accepted Answer

A resulting trust back in favour of the lender

Answer

An express trust for the lender's creditors

Answer

A constructive trust for the borrower's estate

Answer

A charitable trust for public benefit