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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A promoter personally owes a supplier under a valid contract. After incorporation, the company agrees to pay, but the supplier never consents to release the promoter or substitute the company as sole debtor. The promoter claims incorporation automatically extinguished the personal debt. Which principle answers?

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Substitution of a debtor requires creditor consent; incorporation alone does not prove release. A debtor may unilaterally choose any replacement. Corporate existence retroactively cancels all promoter obligations. Every corporate payment promise automatically extinguishes the old debt.

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