Incorporators Are Not Liable for Contracts Entered into Before Incorporation

question 139

True/False

Incorporators are not liable for contracts entered into before incorporation.

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Definitions:

Gold or Silver

Refers to the historical debate and political movement in the late 19th century United States advocating for the free coinage of silver in addition to gold to expand the money supply.

Nullification Crisis

A political crisis in the early 1830s involving a confrontation between South Carolina and the federal government over the state's attempt to nullify federal tariffs.

Constitutional Validity

The legal status of a law, regulation, or action being in accordance with the constitution of a country or state, determining if it upholds the principles and rules of the constitution.

Compromise Tariff

A tariff agreement designed to resolve or mitigate a specific conflict or dispute between parties, often involving concessions from both sides.