gift(redirected from GiFT P2P)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.
gift,in law, voluntary transfer of property from one person to another without any compensation for it and without any obligation of an agreement or contract. The one who gives is the donor; the one who receives the gift, the donee. There are two main classes of gifts, gifts inter vivos and gifts causa mortis. The former is an outright transfer of property, the ordinary type of gift. A gift causa mortis, on the other hand, resembles a legacylegacy,
bequest by will of personal property, similar in many respects to a gift causa mortis. A legacy ordinarily is distinguished from a devise, which transfers real property by will. The person who receives a legacy is called a legatee. Legacies are of various types.
..... Click the link for more information. , or bequest made under a willwill,
in law, document expressing the wishes of a person (known as a testator) concerning the disposition of her property after her death. If a person dies intestate, i.e.
..... Click the link for more information. . It is a gift made by a person in expectation of imminent death and is not complete until the donor dies. The donor in such a situation may make a gift by delivering the goods or note or whatever is the subject of the gift to the donee, but the donor retains full titletitle,
in law, the means by which the owner has just and legal possession of his or her property. It is distinct from the document (e.g., a deed) that is evidence of the title.
..... Click the link for more information. to the gift and may revoke it at any time before his death. The ordinary gift inter vivos is complete and unconditional as soon as the delivery of the gift is made. The nature of the gift is of considerable importance in taxation. In both types of gifts, it is essential that there be an actual and full delivery of the article given as well as donative intent on the part of the donor. The delivery may be by handing to the donee or by giving it to some other person for the donee, but in all cases the delivery must be such as to take the property given out of the hands and the control of the donor. Commonly gifts are spoken of as involving both real estate and personal propertyproperty,
rights to the enjoyment of things of economic value, whether the enjoyment is exclusive or shared, present or prospective. The rightful possession of such rights is called ownership.
..... Click the link for more information. . The law does not recognize a true gift of real estate, for real estate can be transferred only by deed or will. Gifts in law are only of personal property. A promise to deliver a gift in the future, or a promise to make a gift, unless under seal or made under very unusual circumstances, cannot be legally enforced. A gift should be distinguished from a barter or exchange, as the element of consideration (payment of some sort) necessary for the latter two is not present in a gift.
in civil law, a contract under which property is transferred free of charge from one person to another. The law usually provides that in order to be valid, the form of the gift contract must meet some required conditions. For example, according to Soviet law, a gift contract for amounts from 100 to 500 rubles should be made in a simple written form. However, a gift contract for more than 500 rubles must be notarized. A gift contract for the transfer of a residence must be executed in a form especially prescribed by law. Noncompliance with the prescribed form entails corresponding legal consequences, including invalidity of the contract and deprivation of the right to refer to testimony in case of litigation.
What does it mean when you dream about a gift?
Gifts represent rewards for a job well done or for inner spiritual blessing (gifts of the spirit).