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In case of completed gifts, consideration is
- a)Not required.
- b)Equal to the amount of gift.
- c)Less than the amount of gift.
- d)More than the amount of gift.
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
In case of completed gifts, consideration isa)Not required.b)Equal to ...
Completed Gifts and Consideration
Definition of Completed Gifts
A completed gift is a gift that has been given and received without any conditions attached to it. The ownership and possession of the gift have been transferred from the donor to the donee.
Definition of Consideration
Consideration refers to the legal value given in exchange for a promise or performance of a contract. It can be a monetary payment or something else of value.
Consideration in Completed Gifts
In the case of completed gifts, consideration is not required because the gift has already been given and received without any conditions attached to it. The donor has voluntarily transferred the ownership and possession of the gift to the donee without any expectation of receiving anything in return.
Examples of Completed Gifts
Examples of completed gifts include:
- A parent giving a child a cash gift for their birthday
- A person donating money to a charity
- A grandparent giving a grandchild a piece of jewelry as a gift
In all these cases, the gifts are given and received without any conditions attached to them and without any expectation of receiving anything in return.
Conclusion
In conclusion, consideration is not required in the case of completed gifts because the gift has already been given and received without any conditions attached to it. The donor has voluntarily transferred the ownership and possession of the gift to the donee without any expectation of receiving anything in return.
Definition of Completed Gifts
A completed gift is a gift that has been given and received without any conditions attached to it. The ownership and possession of the gift have been transferred from the donor to the donee.
Definition of Consideration
Consideration refers to the legal value given in exchange for a promise or performance of a contract. It can be a monetary payment or something else of value.
Consideration in Completed Gifts
In the case of completed gifts, consideration is not required because the gift has already been given and received without any conditions attached to it. The donor has voluntarily transferred the ownership and possession of the gift to the donee without any expectation of receiving anything in return.
Examples of Completed Gifts
Examples of completed gifts include:
- A parent giving a child a cash gift for their birthday
- A person donating money to a charity
- A grandparent giving a grandchild a piece of jewelry as a gift
In all these cases, the gifts are given and received without any conditions attached to them and without any expectation of receiving anything in return.
Conclusion
In conclusion, consideration is not required in the case of completed gifts because the gift has already been given and received without any conditions attached to it. The donor has voluntarily transferred the ownership and possession of the gift to the donee without any expectation of receiving anything in return.
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In case of completed gifts, consideration isa)Not required.b)Equal to the amount of gift.c)Less than the amount of gift.d)More than the amount of gift.Correct answer is option 'A'. Can you explain this answer?
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