Which of the following is a way in which a gift differs from a purchase as a way of transferring ownership?

Multiple Choice

• Once delivered, a gift may be taken back by the person who gave the gift, whereas that is not true when an item is purchased.
• No consideration is needed for a gift.
• No written contract is needed for a gift, whereas it is needed for a purchase.
• No certificate of title is needed for a gift, whereas it is needed for a purchase.
• A mere possessory right accompanies a gift, whereas an ownership right accompanies acquisition of property by purchase.