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Question
Under the Revised Model Business Corporation Act, if a promoter acts on behalf of a corporation knowing that incorporation has not yet been completed and liability occurs:A.the corporation becomes liable once formed with the promoter shielded from liability.
B.the principals of the forming corporation are liable with the promoter shielded from liability.
C.the promoter is jointly and severally liable for the liability incurred even after the corporation is formed.
D.the promoter is personally liable with the principals shielded from liability.
Answer
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Related questions
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Which of the following involves a third party substitution?
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C.substitute agreement/modification
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In Mobil Oil Exploration & Producing Southeast, Inc. v. United States:
A.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the original contract amounting to repudiation by the United States.
B.Mobil was able to get out of the contract for the $156 million lease because the new law passed at the last minute changed the terms of the contract, barring certain types of oil exploration, frustrating Mobil's contractual purpose.
C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
D.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, it did not substantially change the terms of the original contract.
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Each of the following is a discharge by mutual consent except:
A.accord and satisfaction.
B.novation.
C.rescission.
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Q:
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B.An agreement to sell of a car for $1,500.
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