Requirments for a Gift
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A gift is effective if three conditions are met.
The donor must intend to make a gift, the gift must be delivered to the donee and the donee must accept the gift.
Victor Gruen owned a valuable painting by Gustav Klimt. He wrote his son Michael a letter on Michael's twenty-first birthday. He said, "I want to give you the Klimt for your birthday. Although I want the painting to continue to hang in my apartment during my lifetime, it is now yours. I intend for you to take it upon my death." Michael was thrilled. He brought his college friends to his father's appointment "so they could see my painting," and he kept his father's letter in his safety deposit box. When Gruen died, his second wife refused to turn the painting over to Michael.
Who owned the painting?
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Solution Summary
This formatted MS Word file contains the three considerations that must be met for an item to be considered to be a gift.
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See the attached file.
Who owned the painting?
A gift is a transfer of property from one person to another without consideration. To be a valid gift, three elements must be shown (Mann and Roberts, 2005, p.1006): (1) donative intent, (2) delivery, and (3) acceptance.
A gift can also be made when "the deed or title to a property is delivered by the donor to the donee or to a third party to hold for the ...
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