Which of the following is not required in a gift?AConsiderationBTransfer of ownershipCFree consentDAll the above
Question
Which of the following is not required in a gift?
- A Consideration
- B Transfer of ownership
- C Free consent
- D All the above
Solution
The correct answer is A: Consideration.
In the context of law, a gift is a voluntary transfer of property from one person (the donor or grantor) to another (the donee or grantee) without any consideration or compensation in return.
Here's a step-by-step breakdown:
A. Consideration: This is not required in a gift. Consideration refers to something of value that is given in exchange for something else. In the case of a gift, the giver does not receive anything in return.
B. Transfer of ownership: This is required in a gift. The ownership of the property is transferred from the giver to the receiver.
C. Free consent: This is also required in a gift. Both the giver and the receiver must agree to the transfer of the property.
D. All the above: This is not the correct answer because, as explained, both transfer of ownership and free consent are required in a gift.
Similar Questions
Which of the following is not required in a gift?AConsiderationBTransfer of ownershipCFree consentDAll the above
Any immovable property or an interest therein may be acquired in the partnership name. Group of answer choicesTrueFalse
Which of the following typically creates an entitlement of the lessor to receive?a.Leaseb.Agreementc.Receiptd.Notes
________ is the use of other's property for a discussed period of time and with the permission of the owner.
Personal property does not include which one of the following?A computerA homeA carA promissory note
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.