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. Time is bound by Janet's contract.

Question

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Often, promoters will enter contracts for the unborn corporation. For example, it may be necessary to lease office and warehouse space, purchase equipment, and hire employees as preliminary steps in preparing the way for the new corporation. A corporation is not bound by any of the promoter's contracts unless it adopts those contracts.

Janet Is the Promoter of a Corporation Called Time Inc