Definition: In traditional real estate terminology, a motive such as love and affection for making a gift, as distinguished from something bargained for with measurable value.
Example
A parent transfers a property to a child as a gift motivated by affection.
Keep the distinction clear
Love and affection alone generally does not supply the bargained-for consideration required to enforce a promise. A completed gift transfer raises different questions from an unperformed promise.
Related terms
Valuable Consideration · Consideration · Deed
Keep studying
Valid, Void, Voidable, and Unenforceable Contracts
References: California DRE: real estate glossary
Pronunciation (US): GOOD kun-sid-uh-RAY-shun (capitals show stress)
Pronunciation reference: Merriam-Webster
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