Which of the following is a way in which a gift differs from a purchase as a way of transferring ownership?
A)Once delivered,a gift may be taken back by the person who gave the gift,whereas that is not true when an item is purchased.
B)No consideration is needed for a gift.
C)No written contract is needed for a gift,whereas it is needed for a purchase.
D)No certificate of title is needed for a gift,whereas it is needed for a purchase.
E)A mere possessory right accompanies a gift,whereas an ownership right accompanies acquisition of property by purchase.

Question

Quizplus · Accepted Answer

When transfer of the property is by purchase,the acquiring party gives some consideration to the seller in exchange for title to the property; that is not the case,however,when gifts are involved.

Which of the Following Is a Way in Which a Gift