Book IV Gift, Legacy and Endowment Part I Gift Definition of gift 267. (1) Gift is vesting ownership of property, or proprietary right on another, during the life of owner, without consideration. (2) Gift may be for consideration, such as where the donor stipulates for the donee, financial consideration, or carry out an obligation. Conclusion and completion of gift 268. Gift shall be concluded by offer and acceptance and completed by delivery. Provisions of offer and acceptance 269. (1) Offer of gift shall be valid by whatever gratuitous vesting of ownership, of word of mouth, writing or intelligible sign. (2) Gift shall be concluded by taking. What constitutes delivery 270. (1) Receipt in gift shall take the place of acceptance by word of mouth. {2) Receipt is de facto and de jure as follows: (a) de facto, such as living in gifted real estate, or hiring it, or taking possession of the gifted property and dispose thereof by what indicates ownership; (b) de facto receipt of movable property shall be made by possession; (c) de jure receipt of real estate, such as giving up leading to take possession without encumbrance and registration with the competent authorities and receiving the key of the house. (3) Gift shall be complete by offer, where the gifted article is in the hand of donee. Receipt of gift for minor 271. (1) Where the donor to the minor is other than the guardian, or trustee or instructor, gift shall be complete by being received by one of them. (2) Gift for a minor shall be complete by acceptance alone, where the donee is the minor's guardian, or trustee or instructor. (3) A discriminating minor may accept and receive a gift, even though he has a guardian. Gift of mother or one of the Spouses to the other of the house effects 272. Gift of the mother to her young child, or one of the spouses to the other of one of the house effects, or animal, shall be valid where the donor attests the gift, even though he does not lift his hand from the gifted article. Conditions of the donor 273. A donor shall be required to be: (a) of full capacity, adult, sane, voluntary, non-interdicted and not on the death bed; (b) the owner of the gifted article. Conditions of the donee 274. A donee shall be present, for gift shall not be for the non-present, or the fetus. Conditions of gifted article 275. A gifted article shall be required to be: (a) valued property; (b) present at the time of gift; (c) owned by the donor; (d) known and designated. Gift of co-owned property of undivided shares 276. Gift of co-owned property of undivided shares, whether free, or connected to another, the connection of adjacency, or neighbourhood. Gift of shares, debentures and financial rights 277. Shares, debentures and otherwise of financial rights may be subject to gift. Consideration in conditional gift 278. {1) Subject to the exclusion, set out in section 267 {2}, consideration in the conditional gift, shall be known, otherwise each of the two parties may rescind the contract, even after receiving the gifted article, unless they have no agreed to designate the consideration prior to rescission. 26