Accepting the benefit of the contact With knowledge of its terms Express Acceptance: The corporation is bound if it explicitly 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. Corporation's Liability: The corporation is not bound by a pre-incorporation contract until it accepts it. Liability for pre-incorporation contracts.