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Which of the following is a way in which a gift differs from a purchase as a way of transferring ownership? Multiple Choice Once delivered,
Which of the following is a way in which a gift differs from a purchase as a way of transferring ownership?
Multiple Choice
- Once delivered, a gift may be taken back by the person who gave the gift, whereas that is not true when an item is purchased.
- No consideration is needed for a gift.
- No written contract is needed for a gift, whereas it is needed for a purchase.
- No certificate of title is needed for a gift, whereas it is needed for a purchase.
- A mere possessory right accompanies a gift, whereas an ownership right accompanies acquisition of property by purchase.
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