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Source Organization Templates Complete MPT and Lawyering Skills List Showing the closest available flashcard practice.

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Before a corporation was formed, a promoter signed a lease in the name of "Harbor Tech Inc., to be formed." The corporation was later formed and used the office, but the landlord never agreed to release the promoter.
Which statement is most accurate about the promoter's liability?

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The promoter is never liable if the contract uses the future corporation's name. The promoter generally remains liable unless the contract provides otherwise or the third party agrees to a novation. The promoter is automatically released from the preincorporation contract when the corporation is formed. The corporation is automatically liable on every preincorporation contract whether or not it adopts the contract.

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