The promoter is not released from liability when the corporation accepts the contract The promoter is not bound if the other party knew the corp was not formed and agreed to look solely to the corporation for performance Corporation's Liability: The corporation is not bound by a pre-incorporation contract until it accepts it. 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.