Which of the following is true of gifts?
A)The transfer of a gift involves compensation but not consideration.
B)A gift is a declaration of an intention to give in the future rather than a present transfer.
C)A gift is a voluntary transfer of property.
D)A gift requires consideration but not necessarily compensation.
E)A gift depends on the intention of the giver,but not on the acceptance of the donee.

Question

Quizplus · Accepted Answer

A gift is a voluntary transfer of property, meaning that it is given without any expectation of receiving something in return. This distinguishes it from a contract, which involves consideration (something of value) in exchange for the transfer of property. Additionally, a gift can be given immediately rather than in the future (as suggested in B), and the acceptance of the donee is often required to complete the transfer (making E incorrect).

Which of the Following Is True of Gifts