Legal Question in Intellectual Property in Tennessee

During a meeting with share holders of a patent. There are 5 patent holders and all are present at this meeting. One of them gives his share to one his employee verbally and the other patent holders hears it. Is that a legal and binding agreement if that one share holder asked his employee if he wanted his share and his employee had answered yes.


Asked on 11/24/09, 11:01 am

1 Answer from Attorneys
Sarah Grosse Sarah Grosse, Esquire

This is a matter of whether a verbal contract is enforceable. It may be, or it may not be. According to the USPTO, however, such assignment of patent rights must be in writing and recorded to be enforceable.

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Answered on 12/05/09, 8:24 am


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