Humanities/Arts Exam > Humanities/Arts Questions > Which of the following is incorrect?a)Gift is...
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Which of the following is incorrect?
- a)Gift is the transfer of ownership without consideration.
- b)Gift should be accepted during the lifetime of the owner.
- c)If donee dies before acceptance, the gift is void.
- d)Gift may be made only of movable property.
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is incorrect?a)Gift is the transfer of ownershi...
Section 122 defines that "gift" is the transfer of certain existing movable or immovable property made voluntarily and without consideration by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Acceptance to the gift must be made during the lifetime of the donor and while he is still capable of giving. If the donee dies before acceptance, the gift is void.
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Which of the following is incorrect?a)Gift is the transfer of ownershi...
Explanation:
Gift of Immovable Property:
- The statement that "Gift may be made only of movable property" is incorrect. In fact, a gift can be made of both movable and immovable property.
- Movable property refers to things that can be physically moved, such as jewelry or vehicles.
- Immovable property, on the other hand, refers to land, buildings, and other fixed assets.
Legal Requirements for Gift:
- A gift is a transfer of ownership without consideration, meaning it is given willingly without the expectation of anything in return.
- For a gift to be valid, it must be accepted during the lifetime of the owner. If the donee dies before accepting the gift, it is considered void.
- The transfer of ownership in a gift is immediate and irrevocable, meaning the donor cannot take back the gift once it has been given.
Conclusion:
It is important to understand the legal requirements and implications of making a gift, whether it involves movable or immovable property. By ensuring that these requirements are met, individuals can avoid potential disputes or challenges to the validity of the gift in the future.
Gift of Immovable Property:
- The statement that "Gift may be made only of movable property" is incorrect. In fact, a gift can be made of both movable and immovable property.
- Movable property refers to things that can be physically moved, such as jewelry or vehicles.
- Immovable property, on the other hand, refers to land, buildings, and other fixed assets.
Legal Requirements for Gift:
- A gift is a transfer of ownership without consideration, meaning it is given willingly without the expectation of anything in return.
- For a gift to be valid, it must be accepted during the lifetime of the owner. If the donee dies before accepting the gift, it is considered void.
- The transfer of ownership in a gift is immediate and irrevocable, meaning the donor cannot take back the gift once it has been given.
Conclusion:
It is important to understand the legal requirements and implications of making a gift, whether it involves movable or immovable property. By ensuring that these requirements are met, individuals can avoid potential disputes or challenges to the validity of the gift in the future.
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Which of the following is incorrect?a)Gift is the transfer of ownership without consideration.b)Gift should be accepted during the lifetime of the owner.c)If donee dies before acceptance, the gift is void.d)Gift may be made only of movable property.Correct answer is option 'D'. Can you explain this answer?
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