What is the difference between a purchase of property from a gift of property?
A) All property needs a title to be transferred
B) No consideration is needed for a gift.
C) All forms of property except for gifts must be in writing.
D) For gifts to be effective, there must be written intent.
E) There is no transfer requirement for gifts.

Question

Quizplus · Accepted Answer

A gift does not require consideration, which is something of value exchanged between parties, unlike a purchase where consideration is necessary.

What Is the Difference Between a Purchase of Property from a Gift