Contractual laws vs gifts (Essay Sample)

Contract Law, Gift Giving Students Name Institutional Affiliation Course Code Professors Name Due Date Contract law, Gift Giving A gift is usually given voluntarily without consideration and on the willingness of a person due to either their likeness or something that made them happy or as a form of appreciation to someone without payment as a present. Gifts may be of many forms for example: inter Vivo gifts which are made in the giver's lifetime and causa motis gifts which are made in the supposition of the giver's death. Gifts must have certain elements which must be met for the gift to be legally effective. There must be an intention to give the gifts to the other person, means through which the gift will reach the receiver, and the acceptance of the gift by the receiver. Also, the causa motis gifts require that the giver must die as he or she had contemplated when making the gift so as there can be the fulfillment of the gift (Sullivan, 2017). The giver of a gift at some times can change his or her mind and decide not to give the gift or the present since it is something that must have the aspect of willingness and there is nothing the receiver can do about it since he or she does not have control on the aspect of willingness. But if for instance one enters into a contract with another person and plans that another person will get a gift in that agreement, then the receiver possesses the right of either enforcing or demanding that gift since it is contractual (Tait, 2017). The rules of giving a gift should not be unacceptably inconsistent since everybody has a different perspective and viewpoint when it comes to the giving of gifts. A third-party beneficiary receives the gift with no ground for a source of help in demanding the gift. But when a contract is involved all rights of the contract are involved, the intended agreement by both parties or original parties to gain a third party, and the intention is stated in that agreement then the third party may have the right to demand the gift. For example, CORP D enters in a commitment with CORP A to give them consultation assistannce. In a segment of that agreement, CORP A has to do payment for the services to CORP B since CORP B is the labeled intended beneficiary, he or she holds rights in that contract which are admissible to CORP A. A third party beneficiary may be either donee beneficiary or creditor beneficiary. Donee beneficiary is that who gets contractual rights as the gift from a receiver of a gift while a creditor beneficiary receives contractual rights from a receiver in fulfillment of debt (Shin, 2017). If the giver of the gift does not liaise with the contract, then a creditor beneficiary will act as the receiver when value of considerations moved is gone. A gift can also involve incidental beneficiaries who are one who indirectly benefits from the imposing of a trust. For instance, if your parents receive something from your grandparents which benefits the entire family, then you...