Equity and Trusts
Equitable Doctrines
Understand the maxims of equity, the nature of equitable interests, and the remedies of specific performance, injunction (including Mareva and Anton Piller orders), and rectification. Study fiduciary duties (no conflict, no profit, and the consequences of breach), the doctrine of unconscionable dealing, estoppel (promissory and proprietary), and the Barnes v Addy limbs for third-party liability.
Trusts
Distinguish express, resulting, and constructive trusts. For express trusts, know the three certainties (intention, subject matter, objects), formalities, and constitution (declaration plus transfer). Understand trustee duties and powers, the rule against perpetuities, and beneficiary rights including the rule in Saunders v Vautier. Study tracing and the Re Diplock limits, and remedies for breach of trust.
Traps and Rule of Thumb
Questions often test whether certainty of objects is satisfied for a discretionary trust or whether a purported trust is merely a power. Watch for incomplete constitution and the difference between a trust and a debt or bailment. Rule of thumb: for every trust question, check certainty, constitution, and formalities in that order.
Worked example: A settlor declares herself trustee of property for her children but never transfers legal title. The declaration may itself constitute the trust if the property is identifiable and the intention is clear; otherwise the trust fails for want of constitution.