Following Cases Such as Re Denley's Trust Deed (1969) 1

question 11

True/False

Following cases such as Re Denley's Trust Deed (1969) 1 Ch 373 and Re Lipinski's Will Trusts (1976) 3 WLR 522, the more modern approach to the beneficiary principle is to recognise purpose trusts if it can be said that they benefit sufficiently well-defined individuals.

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Definitions:

Ownership Utility

The value or benefit that comes from owning a product or service, above and beyond its functionality or use.

Place Utility

The value added to products by having them available at a location where they are needed or wanted by consumers.

Time

A continuous, measurable quantity in which events occur in a sequence from the past through the present to the future.

Sales Contract

A legally binding agreement between a buyer and seller which outlines the terms of sale for goods or services.