Question: . John Wasniewski opened a brokerage account with Quick and Reilly, Inc., in his son James's name. Twelve years later, when the balance was $52,085,

. John Wasniewski opened a brokerage account with Quick and Reilly, Inc., in his son James's name. Twelve years later, when the balance was $52,085, the account was closed, and the funds were transferred to a joint account in the names of John and James's brother. James did not learn of the existence of the account in his name until the transfer when he received a tax form for the account's final year. He filed a suit in a Connecticut state court against Quick and Reilly, alleging breach of contract and seeking to recover the account's principal and interest. What are the elements of a valid gift? Did John's opening of the account with Quick and Reilly constitute a gift to James? What is the likely result in this case, and why?

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