John Wasniewski open a brokerage account with Quick and Reilly Inc. in his sons James name. $12$ years later when the balance was $$52,085$ the account was closed the funds were transferred to a joint account in the names of John and James's brother James did not learn of the existence of this account in his name until the transfer when he received a tax form for the accounts final year he sued he filed a suit in a Connecticut state court against Quick and Reilly alleging breach of contract and seeking to recover the accounts principal and interest what are the elements of a valid gift? Did John's opening of the account with Quic and Rieilly constitute a gift to James? What is the likely result in this case and why?