Pre incorporation contract

the two cases u have given  

1.whn d co. had already adoptd d contract aftr incorporatn. 2.whn d co. makes a fresh contract wid d suplier in terms of pre-incorporation contract. ,,    suggest that the pre incorporation contracts have been undertaken by the company..

answer:    the relation between promoters and company is principal-agent relationship.the general rule is  "an agent is not personally liable  for the acts made by him on behalf of the principal". so if u go by this rule the promoters are not personally liable ..

but there are some provisions in special relief act 1963..u/s 15{h} specific performance of a contract can be asked

1 by any party to the contract

2.from the represtative of the principal or from the principal himself .

so because of this rule the company and even the promoters are liable for the contract . since the company does not exist the representative .i.e. the promoters are personally liable in both the cases...

Hey  if company has adopted the pre incorporation contract than promter are not liable other they can be sued by creditors