Everything about Donation totally explained
A
donation is a gift given, typically to a cause or/and for
charitable purposes. A donation may take various forms, including
cash,
services, new or used
goods as for example
clothing,
toys,
food,
vehicles, emergency or
humanitarian aid items, and can also relate to medical care needs as for example
blood or
organs for
transplant. Charitable gifts of goods or services are also called
gifts in kind.
Legal aspects
Donations are gifts given without return consideration. This lack of return
consideration means that, in
common law, an agreement to make a donation is an "imperfect contract void for want of consideration." Only when the donation is actually made does it acquire legal status as a transfer or property. In
civil law jurisdictions, on the contrary, donations are valid contracts, though they may require some extra formalities, such as being done in writing.
In politics, the law of some countries may prohibit or restrict the extent to which politicians may accept gifts or donations of large sums of money, especially from business or special
interest groups (see
campaign finance).
In countries where there are limits imposed on the freedom of disposition of the
testator, there are usually similar limits on donations.
The person or institution giving a gift is called the
donor, and the person or institution getting the gift is called the
donee.
Donating in the name of others
It is possible to donate in the name of a third party, making a gift in honor or in memory of someone or something. Gifts in honor or memory of a third party are made for various reasons, such as holiday gifts, wedding gifts, in memory of somebody who has died, in memory of pets or in the name of groups or associations no longer existing. Memorial gifts are sometimes requested by the survivors (for example "in lieu of flowers, contributions may be made to ABC Charity"), usually directing donations to a charitable organization for which the deceased was a donor or volunteer, or for a cause befitting the deceased's priorities in life or manner of death. Memorial donations are also sometimes given by people if they can't go to the ceremonies.
Further Information
Get more info on 'Donation'.
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