A gift is _____.
A) the rightful possession of goods by one not their owner
B) the transfer of title without consideration
C) a mortgage on personal property in case the debtor-owner defaults
D) the reassignment of right of possession and use for a price
E) an arrangement whereby the lessee comes to own the leased goods

Question

Quizplus · Accepted Answer

A gift is the transfer of title without consideration, meaning the giver does not receive anything in return for giving the gift. Option A describes theft, option C describes a pledge, option D describes a sale, and option E describes a lease-to-own agreement, none of which fit the definition of a gift.

A Gift Is _____