A gift is transferring property for nothing in return.
There are four types of gifts:
An inter vivos gift is the immediate, voluntary, gratuitous, and irrevocable transfer of title between living persons.
It has three requirements:
- The donor must have donative intent.
- The donor must deliver the object of the gift.
- Delivery can be actual or constructive. Actual delivery is required unless it is not possible.
- Usually concluded to require giving up dominion and control to the donee.
- The donee must accept the object of the gift.
- Acceptance is assumed when the gift is valuable and unconditional.
- The donor changes his mind and revokes the gift.
- The donor does not actually die as a result of the particular peril that placed him in contemplation of imminent death.