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t. e. United States trust law is the body of law that regulates the legal instrument for holding wealth known as a trust. Most of the law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004, the National Conference of Commissioners on Uniform State Laws created the first ...
Agency; Principal; Agent. " (1) Agency is the fiduciary relation which results from the manifestation of consent by one person to another that the other shall act on his or her behalf and subject to her control, and consent by the other so to act. (2) The one for whom action is to be taken is the principal.
Restitution and unjust enrichment is the field of law relating to gains-based recovery. In contrast with damages (the law of compensation), restitution is a claim or remedy requiring a defendant to give up benefits wrongfully obtained. Liability for restitution is primarily governed by the "principle of unjust enrichment": A person who has been ...
t. e. Estoppel is a judicial device in common law legal systems whereby a court may prevent or "estop" a person from making assertions or from going back on their word; the person so prevented is said to be "estopped". [1][2][3] Estoppel may prevent someone from bringing a particular claim. Legal doctrines of estoppel are based in both common ...
Assignment (law) Assignment[a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
Trust (law) A trust is a legal relationship in which the owner of property (or any other transferable right) gives it to another person or entity, who must manage and use the property solely for the benefit of another designated person.
Contract law. The arm's length principle (ALP) is the condition or the fact that the parties of a transaction are independent and on an equal footing. [1] Such a transaction is known as an "arm's-length transaction". It is used specifically in contract law to arrange an agreement that will stand up to legal scrutiny, even though the parties may ...
Contract law. In legal parlance, a peppercorn is a metaphor for a very small cash payment or other nominal consideration, used to satisfy the requirements for the creation of a legal contract. It is featured in Chappell & Co Ltd v Nestle Co Ltd ( [1960] AC 87), an important English contract law case where the House of Lords stated that "a ...