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Preliminary contracts, also known as pre-incorporation contracts, are agreements entered into by promoters on behalf of a company that has not yet been legally formed. Since a company is an artificial legal entity that comes into existence only after incorporation under the Companies Act, it cannot enter into binding agreements before its formation. Thus, any contract made before incorporation is not binding on the company unless specific legal provisions are followed. These contracts are generally made for acquiring properties, leasing premises, hiring staff, or making arrangements necessary for the commencement of business. However, due to the non-existence of the company at the time of such agreements, questions arise regarding enforceability and liability. (a) The position of the company in relation to the preliminary contracts: According to the Indian Contract _____ ________ _____ _____ _________ ___ _______ _______.
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