Cal-Bay International Inc (CBYI)

[MattAntonino]

Technically there are times it can be & times it won't be. I'm thinking GIFTING a company with $65 million in assets is probably one of the times it wouldn't be if someone challenged the contract. Look at why they rescinded it - not enough value.

"The reason this deal was terminated because the company did not consider the payment sufficient for the company's assets being purchased."

"What is of value will be decided by reference to the intention of the parties; thus, the inclusion of nominal consideration will not prevent an informal gratuitous promise from being a gift (Milroy v Lord (1862) 4 De GF & J 264, CA in Ch)"