Lack of consideration is the basic distinction between a gift and a sale.

Name: Lack of consideration is the basic distinction between a gift and a sale.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A gift is generally given without any expectation of receiving something in return and is not based on a consideration or exchange of something of value, whereas a sale involves the transfer of ownership of a property, good or services in exchange for some form of consideration, such as money or another item of value.

Lack of Consideration Is the Basic Distinction Between a Gift