A gift contract is a contract in which the donor gives his property to the donee free of charge and the donee expresses his acceptance of the gift. Legally speaking, as long as the donor has the corresponding capacity for civil conduct and has the right to dispose of the donated property and give it to others voluntarily, the gift contract will have legal effect after being signed by the donor and the recipient.
Legal basis: Article 502 of the Civil Code of People's Republic of China (PRC).
A legally established contract shall come into force upon its establishment, except as otherwise provided by law or agreed by the parties.
In accordance with the provisions of laws and administrative regulations, if the contract should go through the approval procedures, such provisions shall prevail. If the failure to go through the formalities such as approval affects the effectiveness of the contract, it will not affect the performance of the obligation clauses such as approval and the effectiveness of relevant clauses in the contract. If the party that should go through the formalities for approval fails to perform its obligations, the other party may require it to bear the responsibility for violating its obligations.
The modification, assignment and dissolution of a contract shall be subject to the provisions of laws and administrative regulations, and the provisions of the preceding paragraph shall apply and shall be subject to approval.