Express Acceptance: The corporation is bound if it explicitly accepts the contract Implied Acceptance: The corporation is bound if it impliedly accepts the contract Acceptance by the corporation does not release the promoter unless there is a novation Promoter's Liability: The promoter is personally liable for a pre-incorporation contract. Promoter's Liability: The promoter is personally liable for a pre-incorporation contract. A pre-incorporation contract is a contracts that is entered into before the corporation is formed Liability for pre-incorporation contracts. Pre-Incorporation Contracts