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Question
A party who makes a preincorporation contract with a corporate promoter is liable on the preincorporation contract:
A. only after the corporation's board of directors adopts the contract after the corporation has come into existence.
B. only after the corporation's articles have been filed with the secretary of state.
C. when the party agrees to look only to the prospective corporation for performance of the contract.
D. only when the promoter is liable on the contract.
Answer
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C. $20,000 fine and five years' imprisonment.
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Q:
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