Practice question
Which intangible may be considered property consideration under Section 61 when its receipt, use, valuation and approval requirements are met?
- A nonexistent patent merely promised later
- An unsupported guess of future revenue
- Only a company slogan with no asset transferred
- An actually transferred patent useful to the corporation’s lawful purposes
- Only a promise to invent something next year
Legal references
- Revised Corporation Code, RA 11232, Section 61: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
Answer this question in flashcards to review your response and continue practicing.