A gift is a transfer of property without compensation. In most cases, a gift is not legally binding. However, there are some exceptions to this rule.
When Is a Gift Legally Binding?
A gift is legally binding if it meets the following requirements:
- Intent to give: The donor must have the intention to give the gift. This can be expressed orally or in writing.
- Delivery of the gift: The donor must deliver the gift to the donee. This can be done by physically transferring the gift or by giving the donee a document that represents the gift.
- Acceptance of the gift: The donee must accept the gift. This can be done orally or in writing.
Exceptions to the Rule
There are a few exceptions to the rule that a gift is not legally binding. These exceptions include:
- Gifts made under duress: A gift made under duress is not legally binding. Duress is a threat or coercion that forces someone to do something they do not want to do.
- Gifts made to minors: A gift made to a minor is not legally binding until the minor reaches the age of majority. This is because minors are not legally competent to enter into contracts.
- Gifts made in contemplation of marriage: A gift made in contemplation of marriage is not legally binding if the marriage does not take place.
Consequences of a Legally Binding Gift
If a gift is legally binding, the donor cannot take back the gift without the consent of the donee. The donee has the right to keep the gift and use it as they see fit.
Conclusion
In most cases, a gift is not legally binding. However, there are some exceptions to this rule. If you are considering giving a gift, it is important to be aware of the legal implications.
