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Paul is the sole incorporator of Hemp Co., a company that processes hemp into clothing.Prior to incorporation, Paul enters into a contract on Hemp Co.'s

Paul is the sole incorporator of Hemp Co., a company that processes hemp into clothing.Prior to incorporation, Paul enters into a contract on Hemp Co.'s behalf with a local farmer for the purchase of the crop.After formation of the corporation, the board does not ratify the contract because Paul bought the crop at 3 times the market price.Who is liable to the farmer? Please explain in detail.

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