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    Question

    Transfer of property takes place

    _______? 
    A By act of parties Correct Answer Incorrect Answer
    B By Operation of law. Correct Answer Incorrect Answer
    C Between living persons and not corporations. Correct Answer Incorrect Answer
    D All of the above are correct. Correct Answer Incorrect Answer

    Solution

    The transfer of property takes place by an act of parties, which means it occurs through an act by which a living person conveys property, either presently or in the future, to one or more other living persons or to himself and others. According to Section 5 of the Transfer of Property Act, 1882, the transfer must be between living persons or juristic entities (including companies and associations). Transfer by operation of law is different and not covered under this definition. Also, the transfer is not limited only between living persons excluding corporations; juristic persons like companies can also be parties.

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