A gives his car to B. B accepts the car. But B does not pay anything in return for the car. This is known as:
Answer & explanation
Correct answer: option 4
This transaction is known as: Gift
In this scenario, A gives his car to B, and B accepts the car without paying anything in return. When property is transferred without any consideration (monetary or otherwise) and with the intention of making a gift, it is categorized as a gift.