Under which of the following circumstances would a promoter be relieved of personal liability on contracts entered into while engaged in forming a corporation formation?
A. When the bylaws of the corporation expressly adopt all preincorporation contracts without novation.
B. When the corporation unknowingly accepts the benefits of the contract.
C. When the contracting party verbally agrees to relieve the promoter.
D. When the third party, the corporation, and the promoter enter into an agreement to substitute the corporation for the promoter.
Answer: D. When the third party, the corporation, and the promoter enter into an agreement to substitute the corporation for the promoter.
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The expatriate should not be in a better or worse position financially because of the assignment.
a. true b. false
At 12:00 noon, Baker made an offer to purchase a single-family residence. He instructed his real estate broker not to present his offer until 6:00 PM. By 6:00 PM, three more offers had been submitted. The real estate broker should:
a. ignore the other offers. b. present all offers to the property owner in the order they were submitted. c. present all offers to the property owner simultaneously as soon as possible. d. wait until the seller acts on the first offer before presenting the other offers