BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a charitable trust
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express trust
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implied trust
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private trust
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Detailed explanation-1: -The constructive trust is a legal remedy to a party who fraudulently benefitting from the asset at the expense of the original beneficiary. This arises when the party has mistakenly, accidentally, or dishonestly obtained the title or possession of assets that belong to the beneficiary.
Detailed explanation-2: -What does Implied trust mean? A trust declared by a party not directly but by implication. An implied trust arises in circumstances where it is necessary for an inference to be drawn from the available admissible evidence that this was what the settlor intended.
Detailed explanation-3: -Constructive trusts are imposed by operation of law. They are also referred to as implied trusts. They are not subject to formality requirements. Unlike a resulting trust, which also arises by operation of law, a constructive trust does not give effect to the imputed/presumed intention of the parties.
Detailed explanation-4: -“A constructive trust differs from a resulting trust in that it is created by operation of law without reference to the parties’ intentions.