Required information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? What type of gift is described in the case? \fRequired information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? Nhat is the first element necessary for the transfer of property to be a gift? Multiple Choice O Donative intent. O Delivery of the gift. O Purchase of the gift by the gift-giver.Required information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertibles To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow herto accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? Since David did not actually physically present the gift/car to Allie, which of the following is true? Multiple Choice 0 The delivery is constructive, but a constructive delivery is still valid. 0 The transfer ofthe property can thus not be considered a "gift." 0 The delivery was not valid because the physical presentation of the gift did not occur at this time. Required information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? What is the second element necessary for the transfer of property to be a gift? Multiple Choice 0 Donative intent to make a gift sometime in the future. 0 A formal contract created for the transfer of the property. 0 Donative intent to make an immediate gift. Required information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? What is the third element necessary for the transfer of property to be a gift? Multiple Choice O An acceptance by the donor. O Acceptance before the death of the donor. O An acceptance by the donee.\\ Required information Voluntary Transfer of Property Property is generally divided into two basic categories: real property and personal property. In this interactive, we will examine the laws governing personal property, which is generally dened as property that is not attached to the land, or movable property. Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own. Read the case provided. Then, answer the questions to help you develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he nally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She nds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift? Based on these questions, was a valid transfer of the gift made? Multiple Choice 0 No, two elements of a proper transfer did not occur. 0 Yes, all three elements were met. 0 No, proper acceptance did not occur