CA CPT Dec 2015 Question Paper Mercantile Laws for online practice

M, by a Gift deed transferred certain property to her daughter, with a direction that daughter shouldpay an annuity to M's sister. On the same day, the daughter executed a written deed in favour of M'ssister, agreeing to pay annuity. Afterwards, she declined to fulfill her promise saying that noconsideration had moved from her uncle. Which of the following statements is correct?