Voluntary transfer of possession by one person to another is popularly known as delivery.

Delivery is the act of transferring the possession or control of something from one person to another. It is an essential element in the transfer of property rights and is often associated with the completion of a contract or the transfer of ownership.

Importance of Delivery:
Delivery plays a crucial role in establishing the rights and obligations of parties involved in a transaction. It signifies the intent of the transferor to relinquish control and ownership of the property, while also indicating the acceptance of the transfer by the transferee.

Types of Delivery:
1. Actual Delivery: This occurs when the physical possession of the property is transferred from the transferor to the transferee. It can be in the form of handing over the object, sending it through mail or courier, or any other means that physically transfers the property.

2. Constructive Delivery: In cases where physical delivery is not possible or practical, constructive delivery is used. It involves the transfer of documents or instruments of control that represent the property. For example, delivering the keys to a house or providing the necessary access codes to a digital asset.

3. Symbolic Delivery: Symbolic delivery is when a physical object representing the transferred property is handed over, even though the actual property remains in the possession of the transferor. This is often seen in situations where the property is immovable or too large to be physically transferred.

Legal Implications:
The act of delivery is significant in determining the transfer of ownership and the rights and responsibilities of the parties involved. It is often required to fulfill the formalities of a contract, such as the delivery of goods or the transfer of title to real estate.

Additionally, delivery may also have legal implications in cases of fraud or misrepresentation. If the transferor fraudulently transfers possession without the intention of transferring ownership, the delivery may be deemed invalid.

Conclusion:
In conclusion, voluntary transfer of possession by one person to another is known as delivery. It is an important concept in property law and contract law, as it signifies the transfer of ownership and establishes the rights and obligations of the parties involved. Actual delivery, constructive delivery, and symbolic delivery are the different forms of delivery that can be employed depending on the nature of the property being transferred.