BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift.

Detailed explanation-2: -“Gift” defined.-“Gift” is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Acceptance when to be made.

Detailed explanation-3: -The transfer must be without consideration and done voluntarily-This is the most important element in making a gift without which the whole of the purpose for which gift is made is defeated. The gift must be given by the donor with his full knowledge and consent.

Detailed explanation-4: -Acceptance of a gift by the donee can be done anytime during the lifetime of the donor. . Section 123 provides that for a gift of immovable property to be valid, the transfer must be effectuated by means of a registered instrument bearing the signature of the donor and attested by at least two witnesses."