Explanation:

In contract law, consideration is an essential element for the formation of a valid contract. Consideration refers to something of value that is given by one party to another in exchange for a promise or performance. It is the price that is paid for the promise.

However, when it comes to completed gifts, consideration is not required. A completed gift is a transfer of property from one person (the donor) to another (the donee) without any expectation of receiving something in return. In other words, it is a voluntary transfer of property without any consideration.

There are certain requirements for a valid completed gift, including:

1. Intent: The donor must have the intention to make a gift. There should be a clear and unambiguous intention to transfer ownership of the property to the donee.

2. Delivery: There must be an actual or symbolic delivery of the gift. The donor must physically or symbolically transfer the property to the donee. For example, if the gift is a physical object, the donor must physically hand over the object to the donee.

3. Acceptance: The donee must accept the gift. Acceptance can be expressed or implied. It is important to note that acceptance is not required for a completed gift if the gift is irrevocable.

In the case of completed gifts, there is no exchange of consideration between the donor and the donee. The donor voluntarily transfers ownership of the property to the donee without any expectation of receiving something in return. Therefore, consideration is not required for a completed gift.

In conclusion, in the case of completed gifts, consideration is not required. It is a voluntary transfer of property without any expectation of receiving something in return. The absence of consideration does not affect the validity of the completed gift.