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Chapter

Cover Pearce & Stevens' Trusts and Equitable Obligations

29. Variation of beneficial interests  

This chapter considers the variation of beneficial interests. One route is for a trust to include provisions which allow the terms of the trust to be varied by the settlor, or by the trustees, or by a protector, in each case, with or without a requirement of consent by someone else. Variation by the beneficiaries is also explored, as is the surrender of a beneficial interest, the release of a power, the statutory powers of variation, and inherent court powers. The chapter next turns to consensual variation and variation under the inherent jurisdiction of the court. Miscellaneous statutory powers are also discussed. Finally, the chapter gives an overview of the Variation of Trusts Act 1958.

Chapter

Cover Equity & Trusts

15. Variation of Trusts  

Paul S Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter shows how a variation of trust occurs in cases where all the beneficiaries of a trust are of full age, under no disability, and in agreement to terminate the trust and resettle the trust property on a new trust, varying the original trust. In cases of necessity, the court has an exceptional inherent jurisdiction to vary a trust. The Variation of Trusts Act 1958 enables the court to consent to the variation of a trust on behalf of certain actual or potential beneficiaries who are unable to consent to the variation. The Act enables the revocation of an existing trust and establishment of a new trust, but only where the new trust can be regarded in substance as similar to the old trust.

Chapter

Cover Equity & Trusts Law Directions

9. Variation of trusts  

Without assuming prior legal knowledge, books in the Directions series introduce and guide readers through key points of law and legal debate. Questions, diagrams and exercises help readers to engage fully with each subject and check their understanding as they progress. The courts’ jurisdiction to vary trusts is a tax avoidance facility that reduces the amount of revenue available to the Treasury. The question is whether the jurisdiction to vary trusts is advantageous to the average taxpayer. Not every variation is intended to achieve tax advantages. There are variations involving a variation of the beneficial interests under the trust, as well as variations involving a variation in the way in which the trust is administered. This chapter deals with variation of trusts and looks at the possible reasons for varying the terms of a trust. It also examines the numerous modes of varying trusts, the distinction between administrative variations and variations in beneficial interests, variation under the Variation of Trusts Act 1958, when a variation will be for the benefit of the beneficiaries and the extent to which courts take the settlor’s intentions into account when considering a variation. In addition, the chapter discusses the rule on variation of trusts in Saunders v Vautier and variation under the courts’ inherent jurisdiction.

Chapter

Cover Complete Equity and Trusts

13. Variation of trust  

Titles in the Complete series combine extracts from a wide range of primary materials with clear explanatory text to provide readers with a complete introductory resource. Variation means changing the terms of the trust. The trustees and beneficiaries are bound by the terms of the trust and to disregard these terms is a breach of trust. If the trust is drafted correctly then it should have enough flexibility to deal with future events. This chapter discusses the powers to vary a trust; when the court may consent for beneficiaries under the Variation of Trusts Act 1958; and also the meaning of benefit.

Chapter

Cover Employment Law in Context

7. The Variation and Suspension of the Personal Employment Contract  

This chapter first examines the common law rules regulating the variation of the terms of the contract of employment. It focuses on the situation where the employer seeks to unilaterally modify the terms of the employment contract, for instance in light of modern pressures on management to demand greater labour flexibility in order to adapt to changing market conditions. The chapter then moves on to address the ability of the employer to suspend the contract of employment, for instance where the employer suffers a downturn in demand for its products or services, or where an employee may be subject to disciplinary proceedings. Finally, it considers the future trajectory of the common law content of the personal contract of employment.

Chapter

Cover Anson's Law of Contract

13. Discharge by Agreement  

Jack Beatson, Andrew Burrows, and John Cartwright

Contract rests on the agreement of the parties: as it is their agreement that binds them, so by their agreement they may be discharged. This chapter begins by identifying two sources of difficulty, which render the topic of discharge by agreement one of considerable artificiality and refinement, and then discusses the forms of discharge by agreement, covering release, accord and satisfaction, rescission, variation, waiver, and discharge provisions contained in the contract itself.

Chapter

Cover Equity and Trusts Concentrate

10. Variation of trusts  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter focuses on the circumstances in which the courts may approve the variation of a trust. A trust may be varied: by a power within the trust itself; by the collective consent of the beneficiaries; by the court, through its inherent jurisdiction; or by statute. The power of the courts to intervene will depend on whether the variation relates to administrative or managerial matters or a reorganization of the beneficial interests. The Variation of Trusts Act 1958 gives the courts a wide jurisdiction to vary a trust for the benefit of those beneficiaries unable to consent.

Chapter

Cover Selwyn's Law of Employment

3. The Formation of a Contract of Employment  

This chapter discusses how an employment contract is formed, and it then looks at the terms and conditions of employment and how these terms are to be interpreted. The types of terms discussed include express terms, implied terms, statutory terms, collective agreements and how such collective terms are incorporated, and looks at custom as a source of employment terms and works and staff rules. The chapter also considers other aspects of the contract of employment such as disciplinary and grievance procedures, job descriptions, written particulars of the contract of employment, the right to itemised pay statements, variation of contractual terms, and an overview of occupational pension schemes.

Book

Cover Equity & Trusts

Paul S. Davies and Graham Virgo

All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. Equity & Trusts: Text, Cases, and Materials provides a guide to the subject by providing analyses of the law of equity and trusts with extracts from cases and materials. This book provides analysis of significant recent key cases including the Supreme Court’s decision in Patel v Mirza where a new approach to determining the impact of the taint of illegality on private law claims was identified, which is of particular significance to claims for breach of trust and the recognition of the resulting trust. Other relevant decisions include: Angove’s Pty Ltd v Bailey, on the recognition of the constructive trust; Akers v Samba Financial Corp, on the nature of proprietary interests and rights under trusts; Ivey v Genting Casinos UK Ltd (t/a Crockfords Club), on the definition of dishonesty; and Burnden Holdings (UK) Ltd v Fielding, on limitation periods. Similarly, the Privy Council has heard important appeals in the area of Equity and trusts: notably Investec Trust (Guernsey) Ltd v Glenala Properties, on trustees and breach of trust and Marr v Collie, on the recognition of the common intention constructive trust. The impact of these developments has meant that there has been particularly significant rewriting of chapter 7 (constructive trusts) and chapter 9 (informal arrangements relating to land), plus significant rewriting of sections in other chapters, especially as to the nature of the rights and interests under a trust and the effect of illegality. The book is made up of nine parts that consider express private trusts, purpose trusts, non-express trusts, beneficiaries, trusties, variation, breach, and orders.

Chapter

Cover The Principles of Equity & Trusts

16. The Variation of Trusts  

This chapter considers issues concerning the process of changing the terms of a trust. It explains that a trustee cannot make any changes in the terms of a trust but the court can confer on the trustees a statutory power to vary the terms of the trust upon application of the trustee or a person beneficially entitled under the trust. This statutory power may not be used to alter any of the beneficial interests under the trust. This chapter also discusses the provisions of the Variation of Trusts Act 1958 which gives the court the power to approve by order any arrangement that revokes or varies a trust or enlarges the powers of the trustees to manage or administer the trust property.

Chapter

Cover Employment Law Concentrate

8. Variation, breach, and termination of employment  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses variations of terms and conditions of employment. Theoretically, neither employer nor employee can unilaterally alter the terms and conditions of employment. A unilateral variation that is not accepted will constitute a breach and, if serious, could amount to a repudiation of the contract. A repudiation does not automatically terminate a contract of employment. In order to justify summary dismissal, the employee must be in breach of an important express or implied term of the contract.

Chapter

Cover Essential Cases: Contract Law

Rock Advertising Ltd v MWB Business Exchange Centres Ltd [2018] UKSC 24  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Rock Advertising Ltd v MWB Business Exchange Centres Ltd [2018] UKSC 24. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law

Williams v Roffey Bros & Nicholls (Contractors) Ltd [1991] 1 QB 1  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Williams v Roffey Bros & Nicholls (Contractors) Ltd [1991] 1 QB 1. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law

Butler Machine Tool Co. Ltd v Ex-Cell-O Corporation (England) Ltd [1979] 1 WLR 401, Court of Appeal  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Butler Machine Tool Co. Ltd v Ex-Cell-O Corporation (England) Ltd [1979] 1 WLR 401. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law

Atlas Express Ltd v Kafco (Importers and Distributors) Ltd [1989] QB 833  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Atlas Express Ltd v Kafco (Importers and Distributors) Ltd [1989] QB 833. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law 5e

Rock Advertising Ltd v MWB Business Exchange Centres Ltd [2018] UKSC 24  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Rock Advertising Ltd v MWB Business Exchange Centres Ltd [2018] UKSC 24. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law 5e

Williams v Roffey Bros & Nicholls (Contractors) Ltd [1991] 1 QB 1  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Williams v Roffey Bros & Nicholls (Contractors) Ltd [1991] 1 QB 1. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law 5e

Butler Machine Tool Co. Ltd v Ex-Cell-O Corporation (England) Ltd [1979] 1 WLR 401, Court of Appeal  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Butler Machine Tool Co. Ltd v Ex-Cell-O Corporation (England) Ltd [1979] 1 WLR 401. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Essential Cases: Contract Law 5e

Atlas Express Ltd v Kafco (Importers and Distributors) Ltd [1989] QB 833  

Essential Cases: Contract Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Atlas Express Ltd v Kafco (Importers and Distributors) Ltd [1989] QB 833. The document also includes supporting commentary from author Nicola Jackson.

Chapter

Cover Sealy & Worthington's Text, Cases, and Materials in Company Law

11. Raising Equity Capital From Shareholders  

This chapter considers the legal nature of shares, class rights and dealings in shares. It covers: the legal nature of a share; class rights and variation of class rights; transfer of shares; competing claims to shares; disclosure of substantial interests in shares; and valuation of shares.