I am required to describe the following quotient space: $\Bbb{R} ^2/ \{0\}$.
Now, as far as I understand, a quotient space is a collection of sets such as $\{v_1 + U , v_2+U , \dots ,v_n + U\}$ where in this case every $v_i \in \Bbb{R}^2$ and $U$ is {$0$}.
So if I take $v_i$ as some vector $(a , b)$ and try finding out $v_1$ + {$0$}, I will have to evaluate $(a , b)$ + $0$ which makes no sense.
Can I say that the quotient space given is not possible?
Yes, it is possible. Your $\textbf{0}=(0,0)$. So $(a,b)+\{(0,0)\}=\{(a,b)\}$.