Business Associations Flashcards
1
Q
De jure corporation
A
A de jure corporation has been validly created by observing the formalities of incorporation and receiving its articles of incorporation from the state.
2
Q
De facto corporation
A
A de facto corporation exists where there is a valid general corporation law, the incorporation made a GF attempt to comply with the statute, the incorporator was not aware that the attempt to comply with the statute was invalid, and the corporation took some action indicating that it considered itself a corporation.
3
Q
Corporation liability: Adoption
A
A corporation is not liable for pre-incorporation contracts unless the corporation expressly adopts the contract or accepts the benefits of the contract.
