The term 'trust' is derived from the Latin word 'Opus,' which means ___ .

"on his behalf"

True or False: The Indian Trust Act, 1882 applies to charitable endowments.

False. The Indian Trust Act, 1882 does not apply to private or public religious or charitable endowments.

List the three key elements highlighted in the definition of a trust.

Settlor, Trustee, Beneficiary

True or False: The trustee is the beneficial owner of the property in a trust.

False. The trustee is the nominal owner of the property, while the beneficiary is the beneficial owner.

Fill in the blank: The person who establishes the trust is known as the ___ .

Settlor

What is the role of the trustee in a trust relationship?

The trustee is the individual who accepts the trust and is entrusted by the settlor to manage the property for the benefit of the beneficiary.

Fill in the blank: The document that establishes the trust is referred to as the ___ .

Instrument of trust

What does a trust represent in terms of property ownership?

A trust represents an obligation attached to the ownership of property, arising from the confidence placed in the owner by another party.

True or False: The beneficiary is also known as the 'cestui que trust.'

True.

True or False: In a trust, the trustee is under the control of the creator of the trust.

False; the trustee is not under the control of the creator of the trust.

The obligations arising under a trust are primarily ___ in nature, while those arising under a contract are ___ in nature.

Equitable; legal

Explain the difference between a trustee and an agent in terms of property ownership.

The trustee is the owner of the trust property and has personal liability for contracts made on behalf of the trust, whereas the agent is not the owner of the property and does not bear personal liability for failing to act.

True or False: A trust can exist independently of the death of the person who created it.

True; a trust does not terminate upon the death of the maker.

In a mortgage, the mortgagee has a ___ interest in the property, while in a trust, the trustee has a ___ interest.

Legal; beneficial

Describe the fiduciary relationship in a trust.

The fiduciary relationship in a trust is between the trustee and the beneficiary, where the trustee is obligated to act in the best interest of the beneficiary.

Fill in the blank: Unlike contracts, a trust does not require ___ for its creation.

Consideration

True or False: In a bailment relationship, the bailee has ownership rights over the goods.

False; the bailee has legal rights to use the goods but does not have ownership rights.

True or False: A public trust benefits a specific individual rather than society at large.

False. A public trust benefits the whole society at large or members of an uncertain and changing body.

What is an express trust?

An express trust is created by the settlor using words, a will, or a deed of trust.

Fill in the blank: An executed trust cannot be ___ once it is declared.

Revoked.

True or False: An executory trust requires no further instruments to carry out its instructions.

False. An executory trust requires a further instrument or additional instrument to carry out the general instructions.