The Economic Structure Of Trusts And Fiduciary Obligation Essay

The Economic Structure Of Trusts And Fiduciary Obligation - Essay Example The inflexibility of the no conflict rule and the no-profit rule seems hardly fair in the field where discretion requires the utmost flexibility in decision-making. The no-profit rule has also been segregated from the no conflict rule6 and the rationalization of the no-profit rule makes sense. In Swain v Law Society Oliver LJ stated that no profit rule is predicated on the distinct principle that obtaining a profit without authorization is a breach of fiduciary duties because the profit itself is actually trusted property.7 The no-profit rule is therefore not entirely inflexible as trustees may make a profit out of the trust with the proper authorization. 8 However, should a beneficiary complain of a breach of trust pursuant to the no-profit rule, it may be difficult for the trustee to claim that the profit was authorized.9 The no profit rule is intricately tied to the no conflict rule as the operation of the no conflict rule is often applied to the making of profits.10 For instance, in Industrial Development Consultants Ltd. v Cooley it was held that the trustee must account for profits made in his competing business.11 Although the ruling was obviously made pursuant to the no conflict rule, the case clearly related to making profits and thus the no-profit rule. It would, therefore, appear that the no-profit rule is ultimately unnecessary as any conduct amounting to the making of a profit can properly be dealt with under the no conflict rule. As for the no conflict rule, there is considerable debate over whether or not the rule should be stricter or more relaxed or constructed with greater flexibility.12 However, the House of Lords’ ruling in Boardman v Phipps makes it clear that the no conflict rule is strictly applied.

DQweek1 Essay Example | Topics and Well Written Essays - 750 words

DQweek1 - Essay Example If bitmap image are used, then the images will be blurred and will not be clear when they are being viewed. The advantage of using this is that the drawings will show the various boundaries between the different types of plants that are found in a botanical setting (Griep, 2005). Fingerprints are drawn by using bitmaps. This is because finger prints are not that clear. The representation of the lines and the prints on the finger are not that clear. The use of bitmaps should be differentiated so that the dots can be used to connect the various lines. It is more impressive and representative when bitmaps are used in the drawing of fingerprints. Cartoons re drawn using lines so that the outline is well defined. This will therefore use lines to connect the cartoon. Using bitmaps will not being the outline and will bring the notion that the cartoon is a picture of something and not a drawing. A satellite image is represented using bitmaps. This is because it is an image. The image brings out the notion of a picture. In this case, we are representing a picture which is an image of a satellite. We are not representing a daring in this case. We are representing an image which should be represented using bitmaps to bring out the image and the notion of a picture. A photograph is not drawn. There are dots which are located in the photograph. There is no line outline that is used in online of the [photograph. The clarity of the photographs will depend on the clarity and the make/model of the device which has been used to take the photograph. The advantage of this is that if the dots are distributed, then the image will not be that clear. It will be hard to get the details and decipher the meaning from the image that has been shown. There are various differing formats of graphics. The graphic is converted or retained in a certain format because they serve the purpose better in that format that the user does want. There are various