Bob Is the Promoter of a New Corporation That Has

question 58

True/False

Bob is the promoter of a new corporation that has not yet been incorporated. On behalf of the as yet unincorporated business, he enters into a three-year lease agreement for office space and personally signs the lease in his own name. The corporation is liable on the contract, because Bob is its agent.

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Definitions:

Closing Costs

Fees and expenses paid during the closure of a real estate transaction, generally by the buyer and seller.

E-SIGN Act

Federal law that validates the use of electronic records and signatures in commerce as legally equivalent to paper-based documents and traditional signatures.

Electronic Medium

A means of communication or the transmission of information that utilizes electronic technology, such as the internet or email.

Unordered Office Supplies

Refers to office supplies sent to a company or individual without prior request or order, often as a scam to demand payment.