Categorising a Quistclose Trust

Categorising a Quistclose Trust Mark must find out whether the transaction between himself and Dave is to be regarded as a pure loan or a Quistclose trust. [1] If it is the former, the beneficial interest in the funds passes to Inchester Football Club and Dave has his remedy against the Club in debt, as would the Club’s other ordinary creditors. If, however the transaction is to be regarded as a Quistclose trust, authoritative opinion suggests that the beneficial interest remains with Dave throughout,[2] and thus in the event of a failed trust purpose, the trust funds revert back to Dave on resulting trust. Mark is advised that the  £5m loan received from Dave, should be properly categorised as a Quistclose trust. The leading authorities governing Quistclose trusts are Barclays Bank v Quistclose Investments Ltd[3] and Twinsectra v Yardley.[4] The chief facts in both authorities are analogous to this case and thus do not need to be restated. In Quistclose, Lord Wilberforce makes it clear that since the loan â€Å"was made only so as to enable [the borrowers] to pay a dividend and for no other purpose†¦ the mutual intention of the lender and the borrower â€Å"was that the sum advanced should not become part of the assets of [the borrower] but should be used exclusively for payment of the dividend.† Lord Wilberforce maintains that ‘if, for any reason, the purpose could not be met, the money was to be returned to the lender.’[5] Mark should note that Dave’s insistence that the money be placed in a separate bank (regardless of it being in the Club’s name) implies his intention that the money was not to form part of the Club’s general assets.[6] One advises Mark that Lord Wilberforce’s interpretation applies to his case. Dave clearly imposes conditions on the loan stipulating that it is to be ‘used only to buy Gary Sparrow.’ The word ‘only’ suggests that the loan was advanced ‘exclusively’ for this purpose.[7] Dave thus has an equitable right in the funds to see that is applied for its primary designated purpose.[8] As a result, Mark, as Chairman of the club, is â€Å"not free to apply the money for any other purpose† and the nature of this transaction â€Å"gives rise to fiduciary obligations on the part of the borrower which a court of equity will enforce.†[9] Dave has placed his trust and confidence in Mark to ensure that the money is properly applied,[10] and it would be unconscionable of Mark not to properly apply it. Since Mark has agreed to the conditions of the loan, he is bound by them and owes a fiduciary obligation to Dave, to see that those conditions ar e met. Gary’s decision to sign with another Club means that the purpose of trust has been defeated and the money should therefore be returned to Dave. The loan advanced to Mark is to be regarded as a Quistclose trust since, as highlighted by Oakley, â€Å"an intention that the money should be segregated is †¦likely to lead the court to infer that the parties intended to create a trust, even if that word was never actually used by anyone.†[11] This fact, in addition to the conditions imposed by Dave, negates any possibility of the courts regarding the  £5m as being a pure loan. As a business entrepreneur, it is clear that Dave was not making a gesture of goodwill in advancing the loan, but a business decision. Conclusively, unless Mark can find a way to persuade Gary to sign with Inchester Football Club, the  £5m must be returned to Dave. Mark has validly declared a trust in favour of Gary. First, by declaring himself as trustee of the shares, the court will regard Mark has having done â€Å"everything which, according to the nature of the property comprised in the settlement, was necessary to be done in order to transfer the property and render the settlement binding upon him.†[12] Second, in the case of Comiskey,[13] the court held that the testator’s direction to his wife, that his nieces should acquire an interest in his property was to be construed as a mandatory, not just a mere moral obligation. The ‘substance’ and ‘effect’[14] of the words used, denoted an intention on the testators’ part to create a separate trust in favour of his nieces. One must advise that, Mark does not fall within the ambit of this case. The substance and effect of Mark’s words were such that he intended to create a trust in favour of Gary regardless of whether or not he joined the club. The fact that Mark made the trust declaration in front of the Board of Directors suggests further that his offer was a genuine one. Thus, the court would regard his words as being neither precatory[15] nor said in loose conversation.[16] His underlying intention might have been to gently pressure Gary into signing with Inchester, by making this stateme nt in front of the directors, however one cannot escape the fact that it was his intention for Gary to receive the shares. His words ‘I hope that this gives you a good reason to join the club,’ will not be regarded by the court as a necessary prerequisite or mandatory obligation in order for Gary to receive the shares, but rather; a moral obligation, which Gary could choose to regard or disregard. In the case of Re Adams[17] the court held that the purpose of the testator’s words was to merely to call to his widow’s attention the moral obligations[18], which had weighed upon his mind and to make express his motivation in making an absolute gift to her.[19] The same can be said of Mark’s declaration to Gary. His words have resulted in an absolute gift to Gary, with the ‘hope’ or ‘confidence’ that it would encourage Gary to join the club. Therefore, although Gary chose not to sign with Inchester, the trust remains valid. Third, Mark cannot rely on the fact that he has not segregated the shares to evince a lack of certainty of subject matter and thus an inconstituted trust. As clearly established in Hunter v Moss,[20] with regards to a declaration of trust of personality â€Å"the requirement of certainty of subject matter does not necessarily entail segregation of the property which was to form the subject matter of the trust.†[21] As long as the shares held by Mark are indistinguishable from one another, they will be capable of satisfying the trust without need for appropriation. It must be acknowledged however, that if Mark’s shares are distinguishable from one another, the trust will fail for uncertainty of subject matter since, as neatly surmised by Sir Hobhouse in the case of Mussoorie Bank Ltd v. Raynor, ‘uncertainty in the subject of the gift has a reflex action upon the previous words and throws doubts upon the intention of the testator, and seems to show that he could not have possibly intended his words†¦ to be imperative.’[22] BIBLIOGRAPHY Books A.J Oakley Parker and Mellows: The Modern Law of Trusts Ninth Edition (Sweet Maxwell 2008) G. Watt Trusts Fifth Edition (Oxford University Press 2005) N Stockwell and R Edwards Trusts and Equity Seventh Edition (Pearson Longman 2005) Cases Barclays Bank v Quistclose Investments Ltd [1970] AC 567 Comiskey v Bowring-Hanbury [1905] AC 84 HL Hunter v Moss [1994] 1 WLR 452 Jones v Lock (1865) 1 Ch App 25 Milroy v. Lord (1862) 4 De G.F. J. 264 Mussoorie Bank Ltd v Raynor (1882) 7 App Cas 321 Paul v Constance [1977] 1 WLR 527 Re Adams and Kensington Vestry (1884) 27 Ch D394 Re Snowden [1979] 2 All ERM 172 Twinsectra v Yardley [2002] 2 AC 164 1 Footnotes [1] [1970] AC 567 [2] [2002] 2 AC 164 per Lord Millett and A.J Oakley The Modern Law of Trusts (2008) p.322 [3] n.1 [4] n.2 [5] n.1 per Lord Wilberforce at 580 [6] N Stockwell and R Edwards, Trusts and Equity (2005) p.20 [7] n.1 per Lord Wilberforce at 580 [8] Ibid. [9] n.2 per Lord Millett at 184 [10] Ibid para. 99 [11] Oakley n.2 p.317 –18 [12] Milroy v. Lord (1862) 4 De G.F. J. 264 per Turner L.J at 274–275 [13] [1905] AC 84 HL [14] Paul v Constance [1977] 1 WLR 527 per Scarman L.J [15] Ibid. [16] Jones v Lock (1865) 1 Ch App 25 [17] (1884) 27 Ch D394 [18] See Re Snowden [1979] 2 All ERM 172 [19] G. Watt Trusts (2005) at p.71 [20] [1994] 1 WLR 452 [21] Ibid per Dillon L.J [22] (1882) 7 App Cas 321 at 331

Apple Marketing Mix

Marketing Mix is the set of marketing tools that the firm uses to produce the response from its target market. Price, product, place and promotion are the 4 P's that make up a marketing mix. Apple 1. Product – Apple’s key products are the iPhone, iPad, and the Mac line of personal computers. Steve Jobs has always maintained that first and foremost Apple is an industrial manufacturing firm with a mission to create innovative and compelling products that are unmatched in their visual appeal and intuitive nature.For apple, this is the most important P as they have the most of a product can offer and then the three other P’s simply fall after in their place. 2. Price – Apple has always been more worried about their product than their price, but they do have the advantage with its competitors with their previous successes with the iPad and iPhone.They have the leverage in materials, such as touch screens and flash memory, to help them keep the price staying low er than its competitors and it is obvious that Apple won’t be threatened any time soon. 3. Promotion – Apple’s commercials are instantly recognizable as they stick to the simplicity of their design which the layout of their product is featured on a white background, with catchy music playing in the background. Everything is visual, and visually plentiful, but not overpowering as some ads can be.Even their walk-in stores have the same simple design featuring nothing but their products and their own features. 4. Place – Apple has expanded its company to nearly all regions both big and small. Their iPods, iPads, and iPhones are just about any store that sells electronics these days. From hundreds of retail outlets to a great e-commerce website to even an app on their own, Apple’s products are just about as easy to buy as a pair of jeans.

Argmentative Essay Samples Secrets That No One Else Knows About

Argmentative Essay Samples Secrets That No One Else Knows About An argument essay was made to present a problem and describe how one side is the proper side to accept that problem. An easy counter argument essay sample isn't only simple to use but limits the odds of making many mistakes by a vast percentage. As soon as you have the topic, answer the question and support your answer with three or more explanations for why you believe it. When the topic was decided, it's crucial to come up with an argument surrounding the exact same. Each paragraph needs to be limited to a single point of argument. Whether it's an argumentative or expository essay which you are writing, it is vital to develop a clear thesis statement and a crystal clear sound reasoning. A great thesis statement is one which stays within a particular scope. An individual should look at altering the thesis if it doesn't match the subsequent paper or editing some paragraphs should they do not represent the point of the thesis. The Lost Secret of Argmentative Essay Samples You might also want to incorporate a brief discussion of more research that needs to be completed in light of your work. The topic chosen for the purpose should be attractive in the view of many readers. Additionally, a customer may ask the writer to submit part of the job for review and, if needed, ask them to make corrections. The Foolproof Argmentative Essay Samples Strategy First paragraph consists of strong thesis statement which will be proved further in essay. Writ ing an outline is a rather effective means to think through how you are going to organize and present the data in your essay. It is essential that the thesis statement needs to be slimmed down as a way to stick to the guidelines of the given writing exercise. The thesis statement is a must as it sets the subject of the full paper. Now each part of the essays format might relatively vary. however, it is the regular norm of having the introduction. Working to an argumentative essay when you're learning first steps, isn't an easy undertaking to do. There are various purposes for writing an informative outline therefore there are a lot of different kinds of informative outlines. Therefore, many students and employees decide to get cheap essay rather than writing it themselves. When you purchase an argumentative essay from Ultius, you may rest assured our expert writers will do anything it requires to ensure that the sample order is 100% correct before you login and download this, and if your criteria has changed, no issue, completely free revisions are included with each purchase. Samples are the tools which make the whole writing process simpler. Moreover, our English-speaking writers make sure every order has original content and an appropriate structure. One of the greatest sources where you might search for sample papers is the web. Writing service companies Professional writing companies offer completely free samples of their work to entice clients. You're able to access your data anywhere you are able to connect to the web. Our consumer writing services are based around the idea of providing quality argumentative essays and being the ideal sample writing service on the web. Research Take time to check at more than 1 business prospect. The Honest to Goodness Truth on Argmentative Essay Samples There are a few great topics to think about when selecting topic for your argumentative essay. Thus, there are lots of ways an essay can be written. In this kind of situation, it's more convenient to locate ready-made essays and use them as an example. So when you purchase sample argumentative essays from Ultius, you'll have the peace of mind you have earned from a comprehensive writing service. If you are a newcomer to argumentative essay writing, it is far better to pick an effortless topic. When looking where to get argumentative essays, you have probably already encounter number of different sites that provide similar services and even checked their sample essays. Buy argumentative essays from us and find the very best bit of study that you deserve from a trustworthy essay writing service. Short essays are still spend the kind of formal essay because the parts want to get included in it. Details of Argmentative Essay Samples Since you can imagine, obtaining a sample is something but understanding how to utilize it can be challenging. There are lots of reasons as to why you might need to create your order with argumentativeessaywriting.com. For instance the children wont. When helping with homework, parents ought to avoid attempting to control the procedure and ought to also resist the urge to complete assignments for their kids.

Fame And Power Of The United States - 1078 Words

Fame and power are of big importance in the United States. Many people have great respect and admiration for powerful and well-known people. Jason Collins, a former NBA player, recently came out with the knew of being homosexual. Many people viewed his act of stating his sexualitiy publically as brave and heroic. Meanwhile, other people in the country who aren t nationally known aren t shown any respect or praise for their homosexuality. Infact some are even treated with disrespect. The point of this article is to show how fame can change how society can view two people who are the same in very different ways. This article shows how fame is respected, and average joes are looked over. This cartoon has a few examples of symbolism. One†¦show more content†¦The barista is described as white and gay. Even though they are both labeled as gay, Collins is clearly getting more praise than the barista. This shows that in some cases fame triumphs sexuality. There is some irony in thi s cartoon. In the United States people are supposed to be viewed as equal. When Collins states his sexuality he is glorified and admired. When the barista says he is gay no one cares. This clearly shows the inequality of people in the Unites States. Also, in the US homosexuality isn t usually something people admire. However, fame is something people admire. It s ironic that the famous Jason Collins is admired for be homosexual. An analogy is being made in this cartoon. These two people are similar in the way that they are both gay. Also they both have less advantage is society. Jason Collins being African American puts him at a disadvantage in society. The barista being just a common register worked also puts him at less of an advantage to be successful. Even though these two men are the same in many ways, the simple fact that one is famous and the other is not change people s whole outlook on them. Gay discrimination has been present for many years in the United States history. I n colonial America homosexuality was regulated with harsh penalties but was rarely enforced (Chauncey 1). Between the 1930’s and 1960’s, Discrimination of homosexuality peeked (Chauncy 1). Homosexual men and