contract or not?

[milly143]

If you have been given something of a substantial value by an aqauntance (not a friend), no payment is being given and it is yours for life, to do with what you wish would it be a good idea for both parties involved to sign some sort of contract that states it was not purchased but given and that the person who has given it has no rights or privaledges over the item whatesoever? Sorry if it's a bit vague.

[jake-the-peg]

I think you may be referring to a deed of gift?

see here for example

http://www.stephens-scown.co.uk/advicedofg.htm

[rampart]

Absolutely. I would ask for a contract or at least a letter that states that the aquantance gave you the item. Just let the person know you'd feel a little better to just have something in case someone should ever ask. Very smart of you to think of this.

[Bonzo 2000]

Yes, I would also say have a formally recorded deed drawn up.  Apart from any dispute between you and your kind donor in future (if he wants it back), it would be useful to show that this valuable asset has been formally passed to you, in case another party comes to try to sue the donor and sieze his assets.  Without a contract, it would only be his word and yours to demonstrate that this was no longer under his ownership and you could end up losing it.  As I understand it, no money needs to change hands to make it a formal transaction.  At least in Scots law, the phrase "for love, affection and favour, without further consideration" is a term used in the formal transfer of property or assets between spouses.

[nfn]

If there is provenance (antiques/art/cars etc) that legally needs to be passed to your name