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Last month, a cycling enthusiast incorporated an online bicycle accessories shop.
He is the sole director, and he and a friend are the only shareholders. Prior to the incorporation of the company, the enthusiast negotiated a contract with a provider of cycling clothing. The contract was signed prior to the receipt of the certificate of incorporation by the enthusiast in his own name on behalf of the company.
With whom, if anyone, does the benefit of the contract reside?
Last month, a cycling enthusiast incorporated an online bicycle accessories shop.
He is the sole director, and he and a friend are the only shareholders. Prior to the incorporation of the company, the enthusiast negotiated a contract with a provider of cycling clothing. The contract was signed prior to the receipt of the certificate of incorporation by the enthusiast in his own name on behalf of the company.
With whom, if anyone, does the benefit of the contract reside?
The enthusiast only.
C - The enthusiast only.
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