Tangible or intangible object

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Reference no: EM133810317

Question

Property is a set of rights and interests in relation to others with reference to a tangible or intangible object. The essence of the concept of property is that the state provides the mechanism to allow the owner to exclude others. A less technical way to think about property is that it is anything you can own.

Case: Develop a strategy for determining whether the gift in question is a legally valid gift. David is a wealthy business owner with no children and is very close with his only niece, Allie. He would like to give her a large gift for her 18th birthday as a token of his affection for her. After much consideration, he finally decides to buy her a brand new Corvette convertible. To deliver the gift, David puts the convertible keys on a keychain and hides them in her coat pocket. He then tells her that her gift is in her coat pocket and the car is hers immediately. She finds the keys and is delighted. Allie's parents, however, are hardworking and proud and as such, they are hesitant to allow her to accept the gift. After much pressure from her parents, Allie decides not to accept the gift from her uncle because she does not want to feel obligated to him. She would feel more comfortable with a less expensive birthday present. Go through the requirements that a gift must have to be valid. Does the Corvette in question qualify as a gift?

Reference no: EM133810317

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