Assets Can Include Intangible Possessions Such as Patents and Trademarks

question 43

True/False

Assets can include intangible possessions such as patents and trademarks.

---

Definitions:

Preexisting Duty

An obligation that a party is already legally bound to perform, which cannot serve as consideration for a new contract.

Bilateral Contract

A type of agreement involving two parties where each side promises to fulfill certain obligations to the other; a mutual exchange of promises.

Unilateral Contract

A type of contract in which only one party makes a promise or commitment in exchange for an act performed by the other party.

Illusory

Something that is misleadingly attractive or gives a false impression of reality.