When considering the enforcement of a contract and where a remedy by the court should favor one party or the other, it might seem clear when the parties to a contract are the beneficiaries. In a case where a third party beneficiary or minor is the one who is harmed, even though they are not a party to the contract, the remedy may change.

• Assess the importance of the considerations that you, as a trustee or someone charged with protecting the interest of a third party, should be mindful of as you take into account the interest of the creator of the trust and the beneficiaries.
• Determine whether you are safe in taking an action on behalf of the beneficiary, if it might be inconsistent with the known interest of the creator of the trust.

This week we reviewed the aspects that go along with the basics of contracts for both traditional and under the Uniform Commercial Code. As you examine the specific contracts that create bailments, trusts, and gifts for minors, respond to the following prompts:

Assess the importance of determining how much control a business wants to transfer to another, and the proper method. Evaluate what method, or combination of methods, best finds the balance to ensure that future generations will maintain the principles of the business