A. A contract was entered into in the name of the corporation with the unanimous approval of all the stockholders. Is the contract binding on the corporation?

B. X, a director in a corporation, is recorded in the book of the corporation as owner of one (1) share of stock. X admits that the true owner is Y, its President. Is X disqualified to be a director?

C. A vacancy occurs in the board of directors, further reducing the number from 11 to 6 members. Who is empowered to free the vacancy, the stockholders or the incumbent directors?

D. X was elected director in a corporation. The other directors who supported his election, assured him a monthly compensation of P50,000. In fact, they approved a resolution granting him the compensation. Is X entitled to the compensation?

Answer rating: 100% (QA)

a in accordance with the law of contract a person who enter into contract must have the capacity to do so for such contract to be binding A company on ... View the full answer