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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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