Australian rapper, Iggy Azalea, and L.A. Lakers' Nick Young are donezo. Iggy called of their engagement earlier this month… tweeting that "...although I love Nick and have tried and tried to rebuild my trust in him - it's become apparent in the last few weeks I am unable to".

The couple got engaged a year ago, when Nick proposed with a beautiful big rock - a custom 8.15 carat yellow diamond engagement ring - that is valued at approximately half a million dollars.

Iggy has reportedly given the ring back to Nick, in exchange for the 1962 Impala that she gifted him for Christmas. Although the car is worth much less than the ring, Nick nonetheless ended up with the shorter end of the deal. Pursuant to California law, an engagement ring is "a gift in contemplation of marriage" and must be returned to the donor if the wedding is later called off — so Iggy was legally obligated to return the ring. The Impala however, was not tied to their intended marriage, and therefore did not have to be returned or exchanged.

As if Iggy did not already make off like a bandit, she could have potentially driven a much harder (and more successful) bargain if she lived in Ontario.

Unlike in the US, Ontario courts have used different approaches when determining the ownership status of engagement rings - and much of their determination rests on an assessment of whether the ring was gifted absolutely, or conditionally in contemplation of marriage.

Some case law supports the idea that engagement rings are "conditional gifts" - such that, as in California, they must be returned back after the engagement is called off. In such cases, courts look at who broke or called off the engagement - and the recipient is obligated to give back the ring only if they ended the engagement (on the other hand, if the donor calls it quits, then the recipient is entitled to keep the ring).

Other courts however, have found that engagement rings make for unconditional gifts and do not have to be returned regardless of who ends the relationship. In such cases, the gift is understood to have been made absolutely, where it becomes the recipient's property once it is gifted.

In Ontario then, if Iggy were able to show that the ring was gifted to her absolutely and unconditionally, she could have possibly walked away with the ring too.