Under the Transfer of Property Act, 1882, which of the following propositions is incorrect?

Section 122 requires a gift to be accepted by or on behalf of the donee during the donor's lifetime, so acceptance is essential, and "Acceptance is not the pivotal requirement to constitute a valid gift" is the incorrect proposition. The other statements are correct: a sale transfers ownership absolutely (section 54), a lease is a partial transfer leaving the reversion with the lessor (section 105), and a gift of existing and future property is void as to the future property (section 124).