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

Equity operates in personam, acting on the personal conscience of the defendant to prevent unconscionable conduct rather than dealing directly with property rights.

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 intention requires that the settlor used words or conduct sufficient to show they intended to create a legally binding trust, not merely a precatory or moral obligation.

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

Section 4 of the Statute of Frauds (Ireland) 1695 requires that an express trust of land be manifested and proved in writing signed by the settlor or their authorised agent.

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

Knight v Knight established that the third certainty is certainty of objects, meaning the beneficiaries or purposes of the trust must be sufficiently certain to be enforceable.

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

The rule in Saunders v Vautier allows adult, legally competent beneficiaries who together hold the entire beneficial interest to terminate the trust and require the trustees to convey the property to them.

FE-1 Practice Test

FE-1 Practice Test

FE-1 Equity