A gift is a voluntary transfer of property ownership for which consideration is given: (A) FALSE
What is a gift?
- A gift or a present is something given to someone without expecting anything in return.
- If the person receiving the gift already owns the item, it is not a gift.
- Although there may be an expectation of reciprocity in gift-giving, a gift is intended to be gratuitous.
- In many countries, the act of exchanging money, goods, and so on can help to sustain social relations and contribute to social cohesion.
- From the economics of gift-giving, economists developed the concept of a gift economy.
- The essence of a gift is that it is an uncompensated voluntary transfer.
- Donative intent, delivery, and acceptance are the components of a gift.
Therefore, the statement "a gift is a voluntary transfer of property ownership for which consideration is given" is (A) FALSE.
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