Question

Use ILAC(Issue; Law/Principle; Application or Arguments; and Conclusion.) method, answer the question.

At least 5 laws and min 700 words

Trusts

The course includes the study of trusts - a complex area of the law. The creation of an express trust (i.e. one intended created and not arising by law or fact) requires three certainties. They are;

Certainty of intention

Certainty of subject matter (trust property)

Certainty of the object (beneficiary or purpose)

Scenario

Basil declared himself trustee of 5% of the issued share capital of Basil Electrical Co Pty Ltd. There were 1000 shares in the company. There was no further identification of the 50 shares held on trust.

Assessment tasks

Is there sufficient certainty for the creation of a trust? In addressing this question identify the research question, explain the relevant law succinctly relating to the research question and then discuss your research methodology, and finally provide an answer to the question.