Tracy P. Streber, F.K.A. Tracy C. Parker, et al. - Page 23

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                    4.  Acceptance                                                    
                    An infant is capable of being a donee of property,                
               and when the gift is to his advantage a formal                         
               acceptance is not necessary, since the law implies an                  
               acceptance, but if the gift is not to his advantage, or                
               becomes a burden to him before he becomes sui juris,                   
               the law implies a repudiation.  * * *                                  
          Austin v. Burden, 297 S.W. 648, 651 (Tex. Civ. App. 1927);                  
          McMillian v. United States, 24 AFTR2d 69-5699, 69-2 USTC par.               
          9633 (N.D. Tex. 1969) (similar).                                            
               The daughters argue that they accepted no gifts from Parker            
          until they received the proceeds of the $2 million notes from him           
          in 1985.  We disagree.  Parker made gifts to the daughters no               
          later than January 26, 1980, which, even if they did not signify            
          formal acceptance, they are deemed to have accepted.  Parker's              
          gifts were to the daughters’ advantage; the gifts resulted in               
          each of the daughters receiving $1,700,000 in cash and valuable             
          real estate.  No repudiation may be implied.  Moreover, there is            
          substantial evidence that, from about January 8, 1980, the                  
          daughters were aware of the gifts and acknowledged their receipt.           
          Parker and Betty both informed the daughters about the potential            
          joint venture, and one or both of Parker and Betty explained to             
          the daughters some details of the January 8 writing.  The                   
          daughters executed the arbitration agreement.  Teresa executed              
          both the assignment agreement and the related agreement.  Teresa            
          received both of the $2 million notes in 1981, and endorsed one             
          to Tracy sometime thereafter.  Teresa filed a Federal income tax            

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