Jack Smith and 10 associates form a corporationAcme, Inc. for the purpose of manufacturing automotive parts. Smith owns 49% of the shares in the corporation and serves as the corporation's CEO. Without the knowledge of any other corporate officer or shareholders, to obtain a large personal loan from his bank Smith cosigns the documentation for his own personal loan in the name of the corporation. With the additional resources of Acme, Inc. now supporting Smith's personal loan, the bank issues the personal loan to Smith. As a result of Acme, Inc. cosigning for this loan, the corporation may now be held potentially liable if Smith defaults on that personal loan. Later, Smith defaults on this loan and the bank sues Acme, Inc. to collect payment since Smith does not have the funds to cover the loan payments. QUESTION: Will the corporation, Acme, lnc., be held liable to pay back the money the bank lost when Smith defaulted on his personal loan? Explain in detail and be sure to discuss and explain any relevant legal principles