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The Law of Assignment, 3rd Edition by Smith, Marcus; Leslie, Nico (8th March 2018)

Part II The Transfer of Intangible Property, 15 Promises to Assign or Create a trust

From: The Law of Assignment (3rd Edition)

Marcus Smith, Nico Leslie

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 25 June 2019

Subject(s):
Breach of contract — Damages and contract — Contract and transfer of title

This chapter examines promises to assign or create a trust. It is possible to promise to assign a chose, rather than to assign a chose. At common law, such an agreement has no propriety implications. According to the common law, a contract operates in personam and breach of a promise to assign will give rise to the remedy of damages only. In equity, however, the effect of such a contract is very different. Equity treats a contract to do a thing as if the thing were already done and thus treats an agreement for value as if it had been performed at the time when it ought to have been performed. This doctrine applies as much as to trusts as it does to assignments, and equity will similarly give effect to a promise to create a trust.

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