JD Next Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Get ready for the JD Next Exam with flashcards and multiple choice questions that offer hints and explanations. Prepare well and succeed on your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the status of a completed gift promise?

Revocable at any time
Dependent on the donor's wishes
Enforceable once made
Not revocable

The correct answer is: Not revocable

A completed gift promise is considered not revocable once it has been fully executed. This means that when a gift has been made and accepted, the donor cannot later decide to take back the gift or change their mind about it. This permanence is important in legal terms, as it helps to ensure that the recipient can rely on the gift as an asset they can use without fear of the donor reclaiming it at a later date. In contrast, if a promise is still in the process of being fulfilled or has not been fully implemented, it might retain aspects of revocability depending on conditions or intentions, but once a gift is completed, it transitions into an enforceable commitment. This principle aligns with the legal understanding of completed gifts, making the non-revocable nature of a completed gift promise a crucial aspect of estate planning and gift law.