Gifts. John Wasniewski opened a brokerage account with Quick and Reilly, Inc., in his son James’s name. Twelve years later, when the balance was $52,085, the account was closed, and the funds were transferred to a joint account in the names of John and James’s brother. Only after the transfer, when James received a tax form for the prior account’s fi nal year, did James learn of its existence. He fi led a suit in a Connecticut state court against Quick and Reilly, alleging breach of contract and seeking to recover the account’s principal and interest.

What are the elements of a valid gift? Did John’s opening of the account with Quick and Reilly constitute a gift to James? What is the likely result in this case, and why? [Wasniewski v. Quick and Reilly, Inc., 292 Conn. 98, 971 A.2d 8 (Conn. 2009)]