BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Promise to give a gift is valid
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Completed gift is valid
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Detailed explanation-1: -A promise to make a gift (Schenkungsvertrag) is a contractual agreement in which the donor promises to make a transfer if both parties are in agreement that such transfer is gratiously.
Detailed explanation-2: -Gift of future property is merely a promise which is unenforceable by law. Thus, Section 124 of the Transfer of Property Act renders the gift of future property void.
Detailed explanation-3: -Some things promised will not be enforced, those which are illegal or against public policy such as gambling debts, purchase or sale of drugs, or other unlawful conduct.
Detailed explanation-4: -The existence of consideration distinguishes a contract from a gift. A gift is a voluntary and gratuitous transfer of property from one person to another, without something of value promised in return.