I will pay for the following article Trust Law Is Still Evolving Especially Where Constructive Trusts Are Concerned. The work is to be 8 pages with three to five sources, with in-text citations and a reference page. As stated by Spencer Nathan Thal, “the freedom of contract doctrine sanctions every transaction, however unequal the starting points and however unequal the outcome.”3
Common law sometimes involves general statements that may not apply to every case, in fact in those instances, it would be an injustice to apply the common law. Equity may thus be said to be a correction of the law in cases where it is defective because of its generality. In the legal context, equity means fairness or justice – therefore a person or law that functions in a fair and just manner is acting in accordance with the principles of equity.
Moreover, the interests of third parties may not be adequately represented under the common law, however, equity allows for separate legal and beneficial interests. The doctrine of privity under the common law does not make adequate provision for representing the interests of third parties and the emergence of the principle of the trust is a development in specific response to this handicap in common law. The lack of fairness, the element of generality and the inadequate representation of third parties in common law have produced the notion of trust. Moffett introduces the concept of trusts as starting out in the form of a measure of “confidence reposed in some other” which in turn leads to certain “moral obligations that are conditioned on the basis of ethical principles.”4 Therefore, the common law fails in that it operates solely on the basis of the free will of the parties, however this principle was defective in that it could not adequately address the question of fairness to the various parties, including third parties and resulted in the evolution of the principle of equity and trusts, which is still evolving.
The doctrine of Privity states that in general, a contract is entered into by the two parties concerned and .therefore it does not confer any rights or obligations on a third person who is not a party to the contract. .