156 Mass. 82 | Mass. | 1892
At the time when the defendant signed the subscription paper declared on, it was not a contract, for want of a contracting party on the other side; but it has now been established that a subscription of this sort becomes a contract with the corporation when the corporation has been organized, and in this way the objection of the want of a proper contracting party is finally avoided, provided everything goes on as contemplated without any interruption. Until the organization of the corporation, the subscription is a • mere proposition or offer, which may be withdrawn, like any other unaccepted offer. Unless the signer is bound upon a contract, he is not bound at all. ' It
In the present case, there was evidence which would warrant a finding that the defendant thus withdrew, before the time came when his subscription would have become a contract.
Exceptions sustained.