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5) John is acting as a promoter for a yet to be incorporated new company. Prior to incorporation of the new company, John signs a

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5) John is acting as a promoter for a yet to be incorporated new company. Prior to incorporation of the new company, John signs a preliminary contract to rent an office for the new company. Later the new company is incorporated and John wants to transfer liability for the preliminary contract from himself to the new company. Please describe what liability John faces and the legal methods by which he can transfer liability from himself to the newly incorporated company

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