Janet is the promoter of a corporation called Time Inc. ,which is in the process of being formed.Janet rents office space in Time's name which is a de jure corporation.Time is bound by Janet's contract.

Question

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Since Time Inc. is in the process of being formed and is not yet a de jure corporation, it cannot be bound by contracts made by the promoter in its name unless it adopts the contract after formation.

Janet Is the Promoter of a Corporation Called Time Inc