Co-authors and sisters, Mary and Perry Corrigan, have just written their fourth bestseller, even though Mary lives on the East Coast, 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? a. Love and affection is the only consideration necessary.

b. Love and affection is necessary, but the consideration must also include something (another real property, an automobile, or monetary payment) that is worth at least 10% of the value of the property.

c. An agreement that Perry actually "owns" the property, and as such, may take it back without giving notice or a reason.

d. Both A and C.

Question

Nathen Mcclain

Social Studies

25 January, 10:47

Co-authors and sisters, Mary and Perry Corrigan, have just written their fourth bestseller, even though Mary lives on the East Coast, 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? a. Love and affection is the only consideration necessary.

b. Love and affection is necessary, but the consideration must also include something (another real property, an automobile, or monetary payment) that is worth at least 10% of the value of the property.

c. An agreement that Perry actually "owns" the property, and as such, may take it back without giving notice or a reason.

d. Both A and C.

+1

Answers (2)

Know the Answer?

Jocelyn Valencia · Answer 1

A. Love and affection is the only consideration necessary.

Explanation:

The question above shows a situation where a property was bought by one sister and given to the other without any exchange of money taking place between the brothers. The house was literally a gift from one sister to another.

In this case, the consideration between the gift given between the sisters, is just love and affection, since there are no monetary values involved in this. If a sister had bought the house from the other sister, the consideration would be the monetary value involved and the house itself.

Amber Mahoney · Answer 2

a. Love and affection is the only consideration necessary.

Explanation:

A consideration may be defined as the exchange of one valuable thing for another. In other words, consideration is any object of value which is involved in the contract between the parties.

In this context, consideration is referred to by the exchange of deeds between Perry and Marry that brings the contract. Love and affection forms a consideration known as good consideration. Such considerations occurs between close friends as well among families where people give and accept something out of love and oneness. Here Perry bought a house a house and gifted it to Mary out of love. Thus this shows affection and love for Mary and it also involves a house.

Hence the correct option is (b).