Gifts / Sales

Question 1

Elements of a completed inter vivos gift

Answer 1

1 - Intent - giver must show intent to give
2 - delivery - actual (general expectation), constructive (key, means of access), symbolic (delivery of some symbol)
3 - acceptance - usually assumed unless express denial of gift is evident

Question 2

When is actual delivery excused?

Answer 2

When the item is not easily transportable - then constructive or symbolic delivery is okay

Question 3

Definition of Testamentary Gift

Answer 3

gift by will which can be changed up until death

Question 4

Elements of a testamentary gift

Answer 4

intent to give now to give at deaeth

no delivery or acceptance needed

must be carried out by a will

gift is revocable until testator’s death

Question 5

Elements of gifts causa mortis (deathbed gifts)

Answer 5

Specific situation: deathbed/donor facing an impending peril

Intent - intend now to give a gift conditioned on the death of the donor

Acceptance

Are revocable - at the will of the donor before death, automatically if the donor does not die of the impending peril

Question 6

Definition of BFP

Answer 6

somebody who pays value, does not know the seller lacks good title, and has a good faith belief that the seller is a true owner

Question 7

Voidable Title and Sales

Answer 7

If buyer pays with a bounced check and then later sells the good, the BFP will have good title

If buyer never sells, they have a voidable title