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Dmitry_Shevchenko
1 month ago
6

Co-authors and sisters, Mary and Perry Corrigan, have just written their fourth bestseller, even though Mary lives on the East C

oast, while Perry resides in Calistoga. When the home next door to Perry is sold, Perry buys it and then gift deeds it to her sister so that they can live side-by-side for the several months of the year they spend writing together. In this situation, what consideration is necessary for this deed to be considered valid and legal?
Social Studies
1 answer:
murzikaleks [1.4K]1 month ago
3 0

Answer: A

A. Only love and affection are required considerations.

B. While love and affection are important, valid consideration requires an additional element (a different asset, a vehicle, or cash) worth at least 10% of the property's value.

C. An agreement stating that Perry truly “owns” the property, and thus can reclaim it without prior notice or explanation.

D. Options A and C

Explanation:

A Gift deed refers to the transfer of property ownership among family members without monetary exchange.

Consideration denotes valuable objects each contracting party contributes; in cases where money is swapped for property, both money and the property serve as consideration. Nevertheless, love and affection can also qualify as a type called good consideration, valid between relatives and served in charitable donations.

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