The voluntary and gratuitous transfer of property without consideration is called which term?

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Study for the Chartered Property Casualty Underwriter 530 Exam with flashcards and multiple choice questions. Each question has hints and explanations to enhance your understanding and prepare you thoroughly.

Multiple Choice

The voluntary and gratuitous transfer of property without consideration is called which term?

Explanation:
A gift is the voluntary, gratuitous transfer of property without consideration. The essential point is that there’s no payment or exchange in return—the giver intends to part with the property freely, and the recipient accepts. Because there’s no consideration, a gift isn’t a contract. Context helps: a bequest is a gift made through a will (occurs at death), and a donation usually refers to giving to a charity; the broad, general term that best fits a lifetime, gratuitous transfer of property is gift.

A gift is the voluntary, gratuitous transfer of property without consideration. The essential point is that there’s no payment or exchange in return—the giver intends to part with the property freely, and the recipient accepts. Because there’s no consideration, a gift isn’t a contract. Context helps: a bequest is a gift made through a will (occurs at death), and a donation usually refers to giving to a charity; the broad, general term that best fits a lifetime, gratuitous transfer of property is gift.

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