Asked by Mallory Connell on May 02, 2024
Verified
A gift is legally considered the same as a sale of goods,since title passes in both a gift and a sale.
Title
Legal ownership of property, evidenced by a document or record.
Sale of Goods
A transaction between a buyer and a seller involving the exchange of tangible personal property for payment.
Gift
A voluntary transfer of property or funds from one person to another without expecting anything in return.
- Set apart the legal frameworks of title, risk of loss, and insurable interest.
- Understand the legal differences between sales and bailments.
Verified Answer
ZK
Zybrea KnightMay 05, 2024
Final Answer :
False
Explanation :
In a sale, consideration (payment or something of value) is exchanged between parties, which is not required for a gift to be legally effective. A gift is a voluntary transfer of property without consideration.
Learning Objectives
- Set apart the legal frameworks of title, risk of loss, and insurable interest.
- Understand the legal differences between sales and bailments.
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