book: The Law and Business Administration in Canada, $15$th Edition by Smyth$,$ Soberman, Easson and McGill

chapters $10$ to $12$

What is a trust? Explain the basic setup or features of a trust. How and why is a trust an exception to the privity of contract rule? Provide an example of a trust specifically in a business context. Include a page number from the textbook indicating where in the textbook you found your answer.