A Gift as the Tansfer of Legal Property Essay

A Gift as the Tansfer of Legal Property Essay

Length: 1949 words (5.6 double-spaced pages)

Rating: Term Papers

Open Document

Essay Preview

A gift is the transfer of legal property such as land, a house or money. Since there is no consideration for the gift, a gift is not regarded a contract and as such a gift will fail if the person giving the gift does not take the necessary steps to divest himself from the gift. Where a gift fails it reverts back to the person intending to make the gift or to the estate of that person where the gift is testamentary. A completely constituted trust implies that the trust property is conferred to the trustees and the trust is binding on the donor who cannot revoke the trust. When the trust property is not properly vested the trust is considered incompletely constituted and it is void as equity will not force the donor to complete the trust.
The principles of constitution of trusts are derived from the case of Milroy v Lord (1862 where turner L.J. stated that the complete constitution of a trust requires the actual transfer of property from the person making the gift to the beneficiary, a transfer of the intended gift to the trustees to be held in trust for the beneficiaries or the self-declaration of a trustee. The principle in this case is that a gift can only be enforced in equity if it satisfies one of the three requirements. Where the trust does not meet any of the three requirements the trust is considered an imperfect on incompletely constitutes trust. If the donor fails to complete all the formalities required by common law, then equity will not assist the intended beneficiary and thus the gift will be imperfect. The equitable maxim applicable is that equity will not complete an imperfect gift.
Equity will not assist a volunteer
The common rule in equity is that “equity cannot perfect an imperfect gift and this was demo...


... middle of paper ...


...am R, Incompletely constituted trusts: Covenants to settle property (Equity & Trusts: Text, Cases, and Materials 2013).
Bray J, Key Cases: Equity & Trusts (Routledge2013)
Bray J, A Student's Guide to Equity and Trusts (Cambridge University Press 2012)
Ramjohn M, Equity and Trusts 2009-2010 (Taylor & Francis 2009)
Hudson A, Understanding equity and trusts (Routledge 2012)


Ford E, ‘Incomplete Gifts in Equity’ (2002) 13 King's Law Journal 222
Finn P, ‘Common law divergences’ (2013) 37Melbourne University Law Review 509
Smith L, ‘Common Law and Equity’ (2011) 68 Washington & Lee Law Review
Andrews N, Strangers to Justice No Longer: The Reversal of the Privity Rule under the Contracts (Rights of Third Parties) Act 1999 (2001) 60 The Cambridge Law Journal 353
Andrews N, ‘Does a third party beneficiary have a right in English law?’ (1988) 8 Legal Studies 14

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Legal Ethical And Professional Issues Concerning Intellectual Property Rights

- Legal social ethical and professional issues concerning Intellectual property Intellectual property rights are also becoming a major concern with the advent of the modern technology. The opportunity that the internet provides to the users as a publishing medium has changed the playing field forever this has made stopping copyright infringement extremely difficult to control. There are four types of intellectual property these are design, patents, trademarks, and copyright. Copyright allows a person to legally own what they have created....   [tags: Copyright, Property, Intellectual property]

Term Papers
1104 words (3.2 pages)

The Pros And Cons Of Gift Giving And Giving Essay

- As humans in our society, most of us want to be that good gift giver. The givers want to make sure that the recipient is astonished and full of excitement once they lay their eyes on the gift. No one wants to be the recipient of a bad, unthoughtful gift either. This is were the tricky part of gift giving and receiving come into place. From the article, “Why Certain Gifts Are Great to Give but Not to Get: A Framework for Understanding Errors in Gift Giving” written by Jeff Galak, Julian Givi, and Elanor F....   [tags: Giving, Gift, GiFT]

Term Papers
911 words (2.6 pages)

Legal Positivism And Critical Legal Studies Essay

- The idea that law is a reflection of society’s values and also in turn entrenches them is one of great controversy in the legal community. The legal theories of legal positivism and critical legal studies take particularly opposing analysis and views of the law, as well as how law impacts on society. In order to illustrate my answer, I will draw from the idea of the protection of private property, and the criminalization and subsequent decriminalization of homosexuality. Legal positivism is particularly concerned with the validity of the law, and believes law is valid so long as it is created through societies legitimate avenues of law making....   [tags: Law, Legal positivism, Property, Property law]

Term Papers
1126 words (3.2 pages)

Essay on The Gift of the Magi

- Many critics agree, “The Gift of the Magi” is, in all respects, an amazing and one of a kind story. One critic says, “Ironically, Fagin arrives at something utterly crucial to the success of 'The Gift of the Magi': that it has everything—an absorbing (if short) narrative drive and a twist ending that makes it wholly original” (Korb). Even renowned critic, Rena Korb, agrees; O.Henry did an excellent job with this story. Though O. Henry wrote many great stories, one of his most famous, and favorite, stories of all time is “The Gift of the Magi.” “The gift of the Magi” is a classic about a couple who sacrifices their happiness for the other....   [tags: The Gift of the Magi]

Term Papers
4443 words (12.7 pages)

Essay about Bundle Of Rights And Property Ownership

- Bundle of Rights is one way to explain property ownership. Bundle of Rights Theory an individual holds a free hold estate of inheritance, that individual owns the whole bundle of rights. Some rights are considered too been known as bundle of sticks and they represent and identifiable rights. In the rights, there are two types of property real and personal property. Estates in land: life estate, leasehold estate, real estate, fee simple. It includes nonpossessory interest such as easement and liens....   [tags: Real estate, Real property, Property]

Term Papers
701 words (2 pages)

The Gift of the Magi, by O. Henry Essay

- Stories of love and sacrifice abound in literature. Perhaps one of the most well known stories among teens and adults is the tale of a poor, young couple struggling to find the perfect Christmas gifts for each other using their very limited means. They each manage to get what they think is the perfect gift for the other, but only accomplish this by selling a prized possession which effectively makes the new gifts impractical. This bittersweet narrative, “The Gift of the Magi” by O. Henry, illustrates the moral idea that a person, motivated by nothing but love for another, can possess a willingness to give in a self-denying way which necessitates that the reader consider that wealth be m...   [tags: The Gift of the Magi]

Term Papers
1228 words (3.5 pages)

Intellectual Property Essay

- Intellectual property are the legal rights (control and ownership) of creations, such as ideas; inventions; designs, etc. for the use in commerce (Bainbridge, 2012). Intellectual law in countries seeks to deter individuals or organizations from copying or capitalizing upon another’s work. The main areas protected by protect intellectual property law include: patent, copyright, trademark, and trade secret. Intellectual Property can be categorized under the following: Monopoly Right to prevent copying De Facto Monopoly Contractual Patents Unregistered Trade Marks Trade Secrets Confidential Information Registered Trade Marks Unregistered Designs Know-How Registered Design Copyright...   [tags: Intellectual Property Essays]

Term Papers
1164 words (3.3 pages)

Essay on Intellectual Property

- Q. 1 What actions can companies and governments take to ensure that products can not be easily pirated. Be specific. Nowadays fighting against counterfeits is too difficult because counterfeiters are using everything to fake expensive products and then sell them at lower prices. Governments try to avoid counterfeits by using strict regulations against phony products, but there is no way to avoid a huge flow of law quality products that are faked. We think that while producing some products the company should know its distribution channels very well, where and to whom the products are sold, and then control its network to avoid counterfeiting....   [tags: Property Rights Digital Piracy]

Term Papers
1234 words (3.5 pages)

Intellectual Property Essay

- Intellectual Property Globalization of the economy is helping companies to reduce product costs but is also creating a new set of challenges and issues. Managing intellectual property on a international landscape is tricky and the differences in the approach to patents between China, Europe and U.S. are profound. This paper focus and list some of the issues and differences on Intellectual Property between U.S. and Europe. The differences are analyzed from a business and ethical point of view. The paper end looking at the growing trend of open source....   [tags: Intellectual Property Research Papers]

Free Essays
1933 words (5.5 pages)

Legal Contracts Essay

- CONTRACTS MGMT 217 INTRODUCTION: IN GENERAL, THERE ARE FOUR REQUIREMENTS FOR A CONTRACT: 1. MUTUAL CONSENT GENERALLY EVIDENCED BY AN OFFER AND AN ACCEPTANCE; 2. CONSIDERATION; 3. TWO OR MORE PARTIES HAVING LEGAL CAPICITY TO ENTER INTO A CONTRACT; AND 4. AN OBJECT OF THE AGREEMENT THAT IS NOT PROHIBITED BY LAW. EXPRESS AND IMPLIED-IN-FACT CONTRACTS QUASI CONTRACTS MANIFESTATIONS OF ASSENT: GENERALLY EVIDENCED BY AN OFFER AND AN ACCEPTANCE OFFERS 1. GENERAL RULE: AN OFFER IS DEFINED AS A COMMUNICATION WHICH GIVES THE RECIPIENT OF THE COMMUNICATION THE POWER TO CONCLUDE A CONTRACT BY ACCEPTING....   [tags: Legal essays]

Free Essays
873 words (2.5 pages)