A trustee will be liable for breach of trust if breached

A trustee will be liable for breach of trust if breached Disclaimer: This work has been submitted by a student. This is not an example of the work produced by our Law Essay Writing Service . You can view samples of our professional work here . A trustee will be liable for breach of trust if that breach if breached Hence, in determining whether Sue has caused any lost to the trust, we must first identify whether the terms of the trust have been breached. And since the trust was created for the benefit of the GLEE club members, it is evident that the trust has not been duly administered in accordance with its provisions as the administration of the trust appears to be entirely in favour of Sue herself. This is exemplified by the purchase of shares in Poly-Sue, of which Sue is an owner, Sue’s life insurance policy, the life size statue of Sue and the bottle of wine. It is questionable whether the shares that were purchased in the soft drinks company was in fact beneficial to the trust, yet it is doubtful that the money which was paid into Vital Adrenalines account and the bet in which Sue placed upon Vital Adrenaline to win was in accordance with the trust provisions. As such, a breach of trust has undoubtedly occur red because as made clear in the case of Armitage v Nurse   [ 4 ]   , â€Å"a breach of trust may be deliberate or inadvertent and may consist of an actual misappropriation or misapplication of the trust property or merely an investment that is outside the trustees powers†Ã‚   [ 5 ]   . Furthermore, it was also made clear in the case that a breach of trust can in fact occur regardless of whether the breach was beneficial or injurious to the beneficiaries. Therefore, even if the shares which have been purchased or the bet which was placed were beneficial to the beneficiaries a breach will still be capable of occurring. This is because, as provided under section 1   [ 6 ]   of the Trustee Act 2000 a trustee has a duty to ensure that reasonable care and skill is exercised when managing the trust. Nevertheless, if Sue can demonstrate that she took all of the necessary precautions that an ordinary prudent man would have taken when exercising the trust fund then her breac hes will be discharged as shown in Speight v Gaunt   [ 7 ]   . It is however unlikely than an ordinary person exercising the same skill a Sue would have managed the trust in the way she did, yet as stated under section 3 (1)   [ 8 ]   of the Act, â€Å"a trustee will be capable of making any investments which he would have himself made if he was entitled absolutely to the trust assets of the trust†Ã‚   [ 9 ]   . Therefore, it could be said that Sue would have made the same investments had she been absolutely entitled to the trust assets and so her investments were in fact reasonable. Nevertheless, Sue’s investments are unlikely to satisfy the â€Å"standard investment criteria† under section 4 (3)   [ 10 ]   . This is because as shown in the case of Cowan v Scargill   [ 11 ]   , a trustee must ascertain that any investments which are made are wholly beneficial to the beneficiaries and not themselves. Thus, since this is not the case a breach of trust has evidentially arisen. As for Will, since he is also a trustee under the trust fund, he too will be liable for the breaches of Sue if it can be shown that he was â€Å"recklessly careless†Ã‚   [ 12 ]   . This has been demonstrated in the case of Re Vickery   [ 13 ]   , where it was held that a trustee will be found to be â€Å"recklessly careless†Ã‚   [ 14 ]   if it can be shown that he did not care whether his act or omission is a breach of trust. Consequently, since Will omitted in his duties to take proper care of the trust fund because of the fact that he has issue in his personal life, it could be said that he was â€Å"recklessly careless†Ã‚   [ 15 ]   and therefore, he too may be found to be in breach of his fiduciary duties. It has nonetheless been argued in light of this decision that the circumstances were exceptional since â€Å"trustees were rarely liable for the acts of their agent†Ã‚   [ 16 ]   . Whether the same can be said in the instant situation is arguable but seems likely given that trustees are assumed to have acted unanimously as in Re Mayo   [ 17 ]

Mexican Politics and Culture Research Paper Example | Topics and Well Written Essays - 2000 words

Mexican Politics and Culture - Research Paper Example Since it gained independence from Great Britain, America has chosen the federal presidential form. Canada has long been federal parliamentary. Mexico on the other hand, seems to base its government structure with America. The United Mexican States (commonly known as Mexico) has no royal families unlike Canada. Mexico appears to have a very similar political system with United States due to the following factors: (1) presidential system (2) three autonomous branches (executive, legislative and judiciary) with checks and balances (3) federalism with a good amount of local autonomy. Notably, despite their sameness in political system, America and Mexico do not have the same economic status (Stacy, 2002). Like Canada, United States is one of the developed and industrialized countries of the world whereas Mexico belongs to the developing nations (Stacy, 2002). In lieu of that fact, this research paper will explore the respective political system of Mexico and United States. This will be f ollowed by a brief analysis of their similarities. At the end, an assessment shall be provided on whether or not their similar political structure is the reason for their economic disparity. The Mexican Political System Rogelio Hernandez-Rodriguez (2003) described the Mexican government as authoritative and the most successful to maintain a system which is dominated by one party. The PRI or the Institutional Revolutionary Party has long been controlling Mexican politics. This political party has ruled Mexico for almost seventy-one years (Klesner, 2005). Majority of the elected government officials of Mexico are affiliated with PRI. The authoritative nature of Mexican government is attributed to this fact. Nevertheless, despite the hegemony of PRI, Mexico has been politically stable (Rodriguez, 2003). The other political parties have done nothing bad for the government. It has been stressed that the country’s single party and presidential type of government are the major eleme nts of its effective institutional structure (Huntington, as cited in Rodriguez, 2003, p. 97). This is quite logical since a political party which continues to rule for several years can always focus on implementing its platforms. A one-party system promotes continuity of projects and more social services. Nonetheless, it does not allow other parties to contribute ideas to a great degree. The interest of the dominating party is always at the forefront of every political move. In fairness to Mexican citizens, they have been observed to recognize the reign of a single political party. Social acceptance of this reality has been imminent (Rodriguez, 2003). It could even be asserted that to a certain point, these citizens have been passive about the party’s dominance. Significantly, PRI experienced defeat in the last 2000 presidential election. The outcome of the election has shocked many journalists and politicians (Klesner, 2005). It was almost unbelievable on the part of Instit utional Revolutionary Party. One possible reason for the party’s defeat is the Mexican citizens’ discontentment or dismay with the administration largely controlled by PRI. The National Action Party’s (PAN) Vicente Fox won that particular election and served as Mexican president from 2000 to 2006 (Klesner, 2005). In the 2006 presidential race, a PAN candidate was also elected named Felipe Calderon (Klesner, 2005).

The written buyout research report Essay Example | Topics and Well Written Essays - 2500 words

The written buyout research report - Essay Example Besides resorting to increase the operational efficiency and cost cutting measures as a way to enhance the profitability, one another way to attain corporate growth is through acquisition. In 2005, Proctor & Gamble made a major acquisition when it bought out The Gillette Company Inc., so as to expand its reach in the consumer products' industry. The recent big successful mergers are Blizzard, which is acquired by Vivendi, eBay acquisition of PayPal, Disney’s acquisition of Pixar, yahoo’s acquisition of Overture, which turned to be Yahoo’s ad system now.( Goodman 2008:67). As regards to the recent acquisition , PayPal can be regarded as the most successful buy-out in the consumer Internet space , as it had the deep effect on the trajectory of the acquiring company namely eBay. PayPal acquisition whose service facilitates the exchange of money between individuals over the Internet fetches further transaction –based fee revenue to eBay. (Laudon 2008:458). Goo gle has acquired Android, YouTube, Keyhole, Where2, DoubleClick and Urchin and this has added more value to its business. In the year 2003, Google acquired Applied Semantic for $102m. Google AdSense is being powered by Applied Semantics technology. (Books LLC 2010:79). How a business can grow? It may indulge in an acquisition of another business, it may cut costs, or it may increase its revenue, which is known as top-line growth. (Sherrington 2003:2). In this research essay, an attempt is made how an acquisition will enhance the overall growth of an acquirer. In this research essay, an open advice is being given to acquirer to acquire Tesco Plc, UK a leading supermarket in UK and the world’s largest online supermarket. This research essay will analyse in detail the background of Tesco Plc, the financials, its business, and a recommendation why Tesco Plc is to be made as a target company to be acquired by the proposed acquirer. TESCO PLC, UK -Business Overview TESCO is the gia nt supermarket retailer in the U.K and has been ranked the globe’s biggest on-line grocery retailer and is the 4th biggest supermarket in the globe trailing after Home Depot, Carrefour, and Wal-Mart. TESCO is continuously earning profits from the year 1999 onwards. Initially, Tesco started to specialise in food products and then shifted into provinces like consumer electronics, clothing, Internet services, financial services, fuel services, banking services and customer _ telecom. In the year 2003, Tesco established a UK telecom division by associating with other telecoms in UK. For instance, with O2, it launched a joint venture for Tesco mobile. In the year 2004, as a joint venture, it established a broadband service. Tesco announced in the year 2006 that more than one and a half million customers had signed up for its telecom account, which provides services like fixed-telephone line , mobile phone services and broadband accounts. In association with Royal Bank of Scotland, Tesco also provides customers with financial services named Tesco Personal Finance and thus during 2006, Tesco was able to register more than 5 million customer accounts. (McLoughlin & Aaker 2010:128). As of date, Tesco Plc, UK is having about 2463 retail stores and there are 472, 04 employees working for Tesco. Source: Tesco’s Annual Report 2010:85 Tesco Plc has markets symbolising about 53% of the global