Indeed.
And, as Asimovian and others have pointed out, business law doesn’t consider gifts to be in the same category as transactions. A transaction is a two-way exchange in which the fulfillment of one part obligates the fulfillment of the other part; a gift is a one-way bestowing (of goods or services) for which no contractual obligation can be enforced.
Note also that I can* promise to buy Asimovian’s car for ten million dollars but, until I front the money or he sends me the keys, it’s all empty words and no contract has been entered. If I send him a dollar as down-payment then a contract has been entered.
Let’s turn this around a bit:
The Tambourine Man says, “Hey, I got these tickets to the Floyd renunion New Years’ Eve concert. They cost $400 each – they’re a steal! We’ll pick them up at Will-Call at the concert hall right before the show.”
But you dump him on Labor Day because you find out he’s a pathological liar and you can’t abide the constant lack of trust that such knowledge gives you.
You dumped him; are you really going to gripe if he decides to take Sitar Girl to the New Years’ Eve bash? He paid for the tickets; they’re his to use as he likes.
So you scour E-bay and CraigsList and end up talking to a coworker who’s got two extra tickets to the Floyd renunion show. You’re not seeing anyone but you figure you’ll be involved by Thanksgiving so you tell her “I’ll give you $800 for them both. Here’s $400 for mine and I’ll sell the other for in the next few weeks somehow.” Christmas comes and goes and you end up selling your extra ticket – you get $1000 for the single ticket – across the street from the concert venue four hours before the show. Don’t tell me you actually go back to your coworker and say, “Here’s ten Franklins; I got a grand for your other ticket.”
No. You put up $400 of the $800 promised in exchange for the tickets and you’ll give your coworker the other $400 to fulfill your obligation. If you give her any more, the excess is considered a gift – you weren’t obligated to bestow it but you did anyway. And I’d bet you’d only hand your coworker an extra C-note.
—G!
Did you exchange
A walk-on part in the War
For a leading role in a cage
. --Pink Floyd
. Wish You Were Here
. Wish You Were Here
*I can, Asimovian. I didn’t and won’t.